United States 117th Congress Status: In Committee 17 D cosponsors

HR 7310 — Protecting America’s Retirement Security Act of 2022

Last action — Placed on the Union Calendar, Calendar No. 471.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Protecting America's Retirement Security Act of 2022 This bill makes various changes with respect to the administration of employer-sponsored retirement plans, including establishing additional spousal consent requirements for distributions under such plans and requiring the periodic automatic reenrollment of nonparticipating employees in automatic contribution arrangements that take effect after December 31, 2024. The bill also requires the Department of Education, in consultation with relevant agencies, to establish a personal finance education portal that includes information about savings, investing, borrowing, and managing student loan repayment.

Bill Text

What changed in the latest version

34 added · 7 removed

Plain-language change summary

The changes to H.R. 7310 include the removal of specific language related to eligibility and selection of individuals to participate in a program, as well as the deletion of a reference to section 418(d)(1) and certain subparagraphs. Additionally, a phrase "until expended" was added, indicating that funds related to this bill will be available for use indefinitely until they are fully utilized. These changes clarify the scope of participation in the program and ensure that the associated funds remain accessible for an extended period.

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7310 Introduced in House (IH)] <DOC> 117th CONGRESS 2d Session H.
7310 Reported in House (RH)] <DOC> Union Calendar No.
471 117th CONGRESS 2d Session H.
7310 To protect America's retirement security, and for other purposes.
7310 [Report No.
117-557, Part I] To protect America's retirement security, and for other purposes.
which 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 _______________________________________________________________________ A BILL To protect America's retirement security, and for other purposes.
which 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 November 14, 2022 Reported from the Committee on Education and Labor with an amendment [Strike out all after the enacting clause and insert the part printed in italic] [Referral to the Committee on Ways and Means, extended grace period ending not later than January 2, 2023] [For text of introduced bill, see copy of bill as introduced on March 31, 2022] November 14, 2022 Referral to the Committee on Ways and Means extended for a period ending not later than January 2, 2023 December 20, 2022 Additional sponsors:
Mr.
Levin of Michigan, Ms.
Leger Fernandez, Mr.
Sablan, Mr.
Mfume, Ms.
Bonamici, Mr.
Mrvan, Mr.
Takano, Mr.
Espaillat, Mr.
DeSaulnier, Ms.
Stevens, and Mr.
Pocan December 20, 2022 Committee on Ways and Means discharged;
committed to the Committee of the Whole House on the State of the Union and ordered to be printed [For text of introduced bill, see copy of bill as introduced on March 31, 2022] _______________________________________________________________________ A BILL To protect America's retirement security, and for other purposes.
(a) Short Title.--This Act may be cited as the ``Protecting America's Retirement Security Act''.
(a) Short Title.--This Act may be cited as the ``Protecting America's Retirement Security Act of 2022''.
604 note) is amended-- (A) in section 416, by inserting ``, and, subject to section 417, $25,000,000 for each of fiscal years 2024, 2025, 2026, 2027, and 2028, to remain available until expended.'';
604 note) is amended-- (A) in section 416, by inserting ``, and, subject to section 417, $25,000,000 for each of fiscal years 2024, 2025, 2026, 2027, and 2028, to remain available until expended''at the end before the period;
``(e) Eligibility and Selection of Individuals To Participate in an Assets for Independence Innovation Project.-- ``(1) Eligibility criteria.--Subject to the approval of the Secretary, each qualified entity conducting an Assets for Independence innovation project shall establish eligibility requirements for participants in the project.
``(e) Eligibility and Selection of Individuals to Participate in an Assets for Independence Innovation Project.-- ``(1) Eligibility criteria.--Subject to the approval of the Secretary, each qualified entity conducting an Assets for Independence innovation project shall establish eligibility requirements for participants in the project.
and (II) in paragraph (3), by inserting ``or section 418(d)(1)'';
and (II) in paragraph (3), by inserting ``or section 418(d)(1)''after `` section 406(b)'';
(II) Timing.--Any amount described in subclause (I) shall not be distributed to an eligible individual until the amounts described in subparagraph (C)(ii) or (E)(ii) of subsection (a)(1) have been distributed to the bank account identified by such individual.
(II) Timing.--Any amount described in subclause (I) shall not be distributed to an eligible individual until the amounts described in subparagraphs (C)(ii) or (E)(ii) of subsection (a)(1) have been distributed to the bank account identified by such individual.
<all>
Union Calendar No.
471 117th CONGRESS 2d Session H.
R.
7310 [Report No.
117-557, Part I] _______________________________________________________________________ A BILL To protect America's retirement security, and for other purposes.
_______________________________________________________________________ December 20, 2022 Committee on Ways and Means discharged;
committed to the Committee of the Whole House on the State of the Union and ordered to be printed
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Sections of law this bill changes

5 sections in 2 laws

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Normal taxes and surtaxes · 26 U.S.C. ch. 1 2 sections
  • § 401 Qualified pension, profit-sharing, and stock bonus plans Amends

    26 U.S.C. § 401 — at 401(a) and 401(k)(13)(C)

    The law today

    (a) Requirements for qualification A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section— (1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan; (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination)); (3) if the plan of which such trust is a part satisfies the requirements of section 410 (relating to minimum participation standards); and (4) if the contributions or benefits provided under the plan do not discriminate in favor of highly compensated employees (within the meaning of section 414(q)). For purposes of this paragraph, there shall be excluded from consideration employees described in section 410(b)(3)(A) and (C). (5) Special rules relating to nondiscrimination requirements.— (A) Salaried or clerical employees.— A classification shall not be considered discriminatory within the meaning of paragraph (4) or section 410(b)(2)(A)(i) merely because it is limited to salaried or clerical employees. (B) Contributions and benefits may bear uniform relationship to compensation.— A plan shall not be considered discriminatory within the meaning of paragraph (4) merely because the contributions or benefits of, or on behalf of, the employees under the plan bear a uniform relationship to the compensation (within the meaning of section 414(s)) of such employees. (C) Certain disparity permitted.— A plan shall not be considered discriminatory within the meaning of paragraph (4) merely because the contributions or benefits of, or on behalf of, the employees under the plan favor highly compensated employees (as defined in section 414(q)) in the manner permitted under subsection (l). (D) Integrated defined benefit plan.— (i) In general.— A defined benefit plan shall not be considered discriminatory within the meaning of paragraph (4) merely because the plan provides that the employer-derived accrued retirement benefit for any participant under the plan may not exceed the excess (if any) of— (I) the participant’s final pay with the employer, over (II) the employer-derived retirement benefit created under Federal law attributable to service by the participant with the employer.  For purposes of this clause, the employer-derived retirement benefit created under Federal law shall be treated as accruing ratably over 35 years. (ii) Final pay.— For purposes of this subparagraph, the participant’s final pay is the compensation (as defined in section 414(q)(4)) paid to the participant by the employer for any year— (I) which ends during the 5-year perio...

    112 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 414 Definitions and special rules Amends

    26 U.S.C. § 414 — at 414(w)(3)

    The law today

    (a) Service for predecessor employer For purposes of this part— (1) in any case in which the employer maintains a plan of a predecessor employer, service for such predecessor shall be treated as service for the employer, and (2) in any case in which the employer maintains a plan which is not the plan maintained by a predecessor employer, service for such predecessor shall, to the extent provided in regulations prescribed by the Secretary, be treated as service for the employer. (b) Employees of controlled group of corporations (1) In general For purposes of sections 401, 408(k), 408(p), 410, 411, 415, and 416, all employees of all corporations which are members of a controlled group of corporations (within the meaning of section 1563(a), determined without regard to section 1563(a)(4) and (e)(3)(C)) shall be treated as employed by a single employer. With respect to a plan adopted by more than one such corporation, the applicable limitations provided by section 404(a) shall be determined as if all such employers were a single employer, and allocated to each employer in accordance with regulations prescribed by the Secretary. (2) Special rules for applying family attribution For purposes of applying the attribution rules under section 1563 with respect to paragraph (1), the following rules apply: (A) Community property laws shall be disregarded for purposes of determining ownership. (B) Except as provided by the Secretary, stock of an individual not attributed under section 1563(e)(5) to such individual’s spouse shall not be attributed to such spouse by reason of the combined application of paragraphs (1) and (6)(A) of section 1563(e). (C) Except as provided by the Secretary, in the case of stock in different corporations that is attributed to a child under section 1563(e)(6)(A) from each parent, and is not attributed to such parents as spouses under section 1563(e)(5), such attribution to the child shall not by itself result in such corporations being members of the same controlled group. (3) Plan shall not fail to be treated as satisfying this section If application of paragraph (2) causes 2 or more entities to be a controlled group or to no longer be in a controlled group, such change shall be treated as a transaction to which section 410(b)(6)(C) applies. (c) Employees of partnerships, proprietorships, etc., which are under common control (1) In general Except as provided in paragraph (2), for purposes of sections 401, 408(k), 408(p), 410, 411, 415, and 416, under regulations prescribed by the Secretary, all employees of trades or businesses (whether or not incorporated) which are under common control shall be treated as employed by a single employer. The regulations prescribed under this subsection shall be based on principles similar to the principles which apply in the case of subsection (b). (2) Special rules relating to church plans (A) General rule Except as provided in subparagraphs (B) and (C), for purposes of this subsection and subsection (m), an organization that is otherwise eligible to participate in a church plan shall not be aggregated with another such organization and treated as a single employer with such other organization for a plan year beginning in a taxable year unless— (i) one such organization provides (directly or indirectly) at least 80 percent of the operating funds for the other organization during the preceding taxable year of the recipient organization, and (ii) there is a degree of common management or supervision between the organizations such that the organization providing the operating funds is directly involved in the day-to-day operations of the other organization. (B) Nonqualified church-controlled organizations Notwithstanding subparagraph (A), for purposes of this subsection and subsection (m), an organization that is a nonqualified church-controlled organization shall be aggregated with 1 or more other nonqualified church-controlled organizations, or with an organization that is n...

    44 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Employee retirement income security program · 29 U.S.C. ch. 18 2 sections Amends the act as a whole
  • § 1055 Requirement of joint and survivor annuity and preretirement survivor annuity Amends

    29 U.S.C. § 1055 — at 1055(c)(2)(B)

    The law today

    (a) Required contents for applicable plans Each pension plan to which this section applies shall provide that— (1) in the case of a vested participant who does not die before the annuity starting date, the accrued benefit payable to such participant shall be provided in the form of a qualified joint and survivor annuity, and (2) in the case of a vested participant who dies before the annuity starting date and who has a surviving spouse, a qualified preretirement survivor annuity shall be provided to the surviving spouse of such participant. (b) Applicable plans (1) This section shall apply to— (A) any defined benefit plan, (B) any individual account plan which is subject to the funding standards of section 1082 of this title, and (C) any participant under any other individual account plan unless— (i) such plan provides that the participant’s nonforfeitable accrued benefit (reduced by any security interest held by the plan by reason of a loan outstanding to such participant) is payable in full, on the death of the participant, to the participant’s surviving spouse (or, if there is no surviving spouse or the surviving spouse consents in the manner required under subsection (c)(2), to a designated beneficiary), (ii) such participant does not elect the payment of benefits in the form of a life annuity, and (iii) with respect to such participant, such plan is not a direct or indirect transferee (in a transfer after December 31, 1984) of a plan which is described in subparagraph (A) or (B) or to which this clause applied with respect to the participant. Clause (iii) of subparagraph (C) shall apply only with respect to the transferred assets (and income therefrom) if the plan separately accounts for such assets and any income therefrom. (2) (A) In the case of— (i) a tax credit employee stock ownership plan (as defined in section 409(a) of title 26), or (ii) an employee stock ownership plan (as defined in section 4975(e)(7) of title 26), subsection (a) shall not apply to that portion of the employee’s accrued benefit to which the requirements of section 409(h) of title 26 apply. (B) Subparagraph (A) shall not apply with respect to any participant unless the requirements of clause 1 (i), (ii), and (iii) of paragraph (1)(C) are met with respect to such participant. (4)  2 This section shall not apply to a plan which the Secretary of the Treasury or his delegate has determined is a plan described in section 404(c) of title 26 (or a continuation thereof) in which participation is substantially limited to individuals who, before January 1, 1976, ceased employment covered by the plan. (4)  2 A plan shall not be treated as failing to meet the requirements of paragraph (1)(C) or (2) merely because the plan provides that benefits will not be payable to the surviving spouse of the participant unless the participant and such spouse had been married throughout the 1-year period ending on the earlier of the participant’s annuity starting date or the date of the participant’s death. (c) Plans meeting requirements of section (1) A plan meets the requirements of this section only if— (A) under the plan, each participant— (i) may elect at any time during the applicable election period to waive the qualified joint and survivor annuity form of benefit or the qualified preretirement survivor annuity form of benefit (or both), (ii) if the participant elects a waiver under clause (i), may elect the qualified optional survivor annuity at any time during the applicable election period, and (iii) may revoke any such election at any time during the applicable election period, and (B) the plan meets the requirements of paragraphs (2), (3), and (4). (2) Each plan shall provide that an election under paragraph (1)(A)(i) shall not take effect unless— (A) (i) the spouse of the participant consents in writing to such election, (ii) such election designates a beneficiary (or a form of benefits) which may not be changed without spousal consent (or the consent of th...

    6 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 1144 Other laws Amends

    29 U.S.C. § 1144 — at 1144(e)(2)

    The law today

    (a) Supersedure; effective date Except as provided in subsection (b) of this section, the provisions of this subchapter and subchapter III shall supersede any and all State laws insofar as they may now or hereafter relate to any employee benefit plan described in section 1003(a) of this title and not exempt under section 1003(b) of this title. This section shall take effect on January 1, 1975. (b) Construction and application (1) This section shall not apply with respect to any cause of action which arose, or any act or omission which occurred, before January 1, 1975. (2) (A) Except as provided in subparagraph (B), nothing in this subchapter shall be construed to exempt or relieve any person from any law of any State which regulates insurance, banking, or securities. (B) Neither an employee benefit plan described in section 1003(a) of this title, which is not exempt under section 1003(b) of this title (other than a plan established primarily for the purpose of providing death benefits), nor any trust established under such a plan, shall be deemed to be an insurance company or other insurer, bank, trust company, or investment company or to be engaged in the business of insurance or banking for purposes of any law of any State purporting to regulate insurance companies, insurance contracts, banks, trust companies, or investment companies. (3) Nothing in this section shall be construed to prohibit use by the Secretary of services or facilities of a State agency as permitted under section 1136 of this title. (4) Subsection (a) shall not apply to any generally applicable criminal law of a State. (5) (A) Except as provided in subparagraph (B), subsection (a) shall not apply to the Hawaii Prepaid Health Care Act (Haw. Rev. Stat. §§ 393–1 through 393–51). (B) Nothing in subparagraph (A) shall be construed to exempt from subsection (a)— (i) any State tax law relating to employee benefit plans, or (ii) any amendment of the Hawaii Prepaid Health Care Act enacted after September 2, 1974, to the extent it provides for more than the effective administration of such Act as in effect on such date. (C) Notwithstanding subparagraph (A), parts 1 and 4 of this subtitle, and the preceding sections of this part to the extent they govern matters which are governed by the provisions of such parts 1 and 4, shall supersede the Hawaii Prepaid Health Care Act (as in effect on or after January 14, 1983), but the Secretary may enter into cooperative arrangements under this paragraph and section 1136 of this title with officials of the State of Hawaii to assist them in effectuating the policies of provisions of such Act which are superseded by such parts 1 and 4 and the preceding sections of this part. (6) (A) Notwithstanding any other provision of this section— (i) in the case of an employee welfare benefit plan which is a multiple employer welfare arrangement and is fully insured (or which is a multiple employer welfare arrangement subject to an exemption under subparagraph (B)), any law of any State which regulates insurance may apply to such arrangement to the extent that such law provides— (I) standards, requiring the maintenance of specified levels of reserves and specified levels of contributions, which any such plan, or any trust established under such a plan, must meet in order to be considered under such law able to pay benefits in full when due, and (II) provisions to enforce such standards, and (ii) in the case of any other employee welfare benefit plan which is a multiple employer welfare arrangement, in addition to this subchapter, any law of any State which regulates insurance may apply to the extent not inconsistent with the preceding sections of this subchapter. (B) The Secretary may, under regulations which may be prescribed by the Secretary, exempt from subparagraph (A)(ii), individually or by class, multiple employer welfare arrangements which are not fully insured. Any such exemption may be granted with respect to any arrangement or ...

    31 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Also cites: 26 U.S.C. § 1, 26 U.S.C. § 32, 26 U.S.C. § 402, 26 U.S.C. § 408, 26 U.S.C. § 501, 26 U.S.C. § 4974, 26 U.S.C. § 6401, 26 U.S.C. § 7701, 29 U.S.C. § 3102

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill expands spousal consent requirements for distributions from certain retirement plans.

  • 29 U.S.C. § 1051

    SEC. 205A. ADDITIONAL SPOUSAL CONSENT REQUIREMENTS. (a) In General.--Each individual account plan to which section 205 does not apply (but to which this title otherwise applies) shall provide that, except as provided in subsections (c) and (d), no distribution may be made under the plan unless the spousal consent requirements of subsection (e) are met.

    This adds a new section requiring spousal consent for distributions from individual account plans.

Action History

  1. Committee on Ways and Means discharged.

  2. Committee on Ways and Means discharged.

  3. Placed on the Union Calendar, Calendar No. 471.

  4. Reported (Amended) by the Committee on Education and Labor. H. Rept. 117-557, Part I.

  5. Reported (Amended) by the Committee on Education and Labor. H. Rept. 117-557, Part I.

  6. House Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 2, 2023.

  7. Committee Consideration and Mark-up Session Held.

  8. Ordered to be Reported (Amended) by Voice Vote.

  9. Introduced in House

  10. Introduced in House

  11. 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.

  12. 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.

Sponsors

Sponsorship breakdown

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1 sponsors · 16 co-sponsors · 530 not signed on

Sponsors (1)

Co-sponsors (16)

Not signed on (530)

530 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor
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Frequently asked questions

What does HR 7310 do?
Protecting America's Retirement Security Act of 2022 This bill makes various changes with respect to the administration of employer-sponsored retirement plans, including establishing additional spousal consent requirements for distributions under such plans and requiring the periodic automatic reenrollment of nonparticipating employees in automatic contribution arrangements that take effect after December 31, 2024. The bill also requires the Department of Education, in consultation with relevant agencies, to establish a personal finance education portal that includes information about savings, investing, borrowing, and managing student loan repayment.
Who sponsors HR 7310?
HR 7310 is sponsored by Scott, Robert C. "Bobby" (Democratic), Watson Coleman, Bonnie (Democratic), Courtney, Joe (Democratic), Underwood, Lauren (Democratic), Manning, Kathy E. (Democratic), Levin, Andy (Democratic), Leger Fernandez, Teresa (Democratic), Sablan, Gregorio Kilili Camacho (Democratic), Mfume, Kweisi (Democratic), Bonamici, Suzanne (Democratic), Mrvan, Frank J. (Democratic), Takano, Mark (Democratic), Espaillat, Adriano (Democratic), DeSaulnier, Mark (Democratic), Stevens, Haley M. (Democratic), Pocan, Mark (Democratic), and McBath, Lucy (Democratic).
What is the current status of HR 7310?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7310?
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