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Retirement Plan Modernization Act

8/10/2022, 11:36 PM

Congressional Summary of HR 5676

Retirement Plan Modernization Act

This bill increases from $5,000 to $8,000 the amount of accrued benefits in a private pension plan that may be immediately distributed without the consent of the participant. The bill also requires the increased limit to be adjusted for inflation after 2019.

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Current Status of Bill HR 5676

Bill HR 5676 is currently in the status of Bill Introduced since January 24, 2020. Bill HR 5676 was introduced during Congress 116 and was introduced to the House on January 24, 2020.  Bill HR 5676's most recent activity was Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 24, 2020

Bipartisan Support of Bill HR 5676

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5676

Primary Policy Focus

Labor and Employment

Potential Impact Areas

- Employee benefits and pensions
- Inflation and prices

Alternate Title(s) of Bill HR 5676

Retirement Plan Modernization Act
To increase the amount of accrued benefit which a pension plan may distribute after employee separation.
Retirement Plan Modernization Act

Comments

Sponsors and Cosponsors of HR 5676

Gregorio Kilili Camacho Sablan
Gregorio Kilili Camacho Sablan
Northern Mariana IslandsIndependent
Tim Walberg
Tim Walberg
MichiganRepublican

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