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Simplifying Small Business Retirement Savings Act

8/31/2023, 4:45 PM

Congressional Summary of S 4154

Simplifying Small Business Retirement Savings Act

This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection procedures that are reasonable, diligent, and systematic. Current law requires a plan to designate one or more trustees to perform these tasks.

The bill also revises the requirements for combined annual reporting for a group of plans.

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Current Status of Bill S 4154

Bill S 4154 is currently in the status of Bill Introduced since May 5, 2022. Bill S 4154 was introduced during Congress 117 and was introduced to the Senate on May 5, 2022.  Bill S 4154's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of May 5, 2022

Bipartisan Support of Bill S 4154

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 S 4154

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 4154

Simplifying Small Business Retirement Savings Act
Simplifying Small Business Retirement Savings Act
A bill to provide better access to retirement plans through small businesses.

Comments

Sponsors and Cosponsors of S 4154

John W. Hickenlooper
John W. Hickenlooper
ColoradoDemocrat
Susan M. Collins
Susan M. Collins
MaineRepublican

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