United States 115th Congress Status: In Committee 1 D cosponsors

S 695 — A bill to avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes.

Last action — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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

This bill died with 115th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify specified returns required for deferred compensation plans and other employee benefit plans to permit all members of a group of plans to file a single aggregated annual return or report satisfying the requirements of both the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA). The requirement applies to a group in which all of the plans: are individual account plans or defined contribution plans; have the same trustee, the same one or more named fiduciaries, the same administrator, and plan years beginning on the same date; and provide the same investments or investment options to participants and beneficiaries. The bill also specifies that, for the purposes of applying the numerical limitations related to the electronic filing of returns for deferred compensation plans, each plan for which information is provided on the return must be treated as a separate return.

Bill Text

Sections of law this bill changes

1 section in 1 law

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

Information and returns · 26 U.S.C. ch. 61 1 section
  • § 6011 General requirement of return, statement, or list Amends

    26 U.S.C. § 6011 — at 6011(e)

    The law today

    (a) General rule When required by regulations prescribed by the Secretary any person made liable for any tax imposed by this title, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary. Every person required to make a return or statement shall include therein the information required by such forms or regulations. (b) Identification of taxpayer The Secretary is authorized to require such information with respect to persons subject to the taxes imposed by chapter 21 or chapter 24 as is necessary or helpful in securing proper identification of such persons. (c) Returns, etc., of DISCS and former DISCS and former FSC’s (1) Records and information A DISC, former DISC, or former FSC (as defined in section 922 as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000) shall for the taxable year— (A) furnish such information to persons who were shareholders at any time during such taxable year, and to the Secretary, and (B) keep such records, as may be required by regulations prescribed by the Secretary. (2) Returns A DISC shall file for the taxable year such returns as may be prescribed by the Secretary by forms or regulations. (d) Authority to require information concerning section 912 allowances The Secretary may by regulations require any individual who receives allowances which are excluded from gross income under section 912 for any taxable year to include on his return of the taxes imposed by subtitle A for such taxable year such information with respect to the amount and type of such allowances as the Secretary determines to be appropriate. (e) Regulations requiring returns on magnetic media, etc. (1) In general The Secretary shall prescribe regulations providing standards for determining which returns must be filed on magnetic media or in other machine-readable form. Except as provided in paragraph (3), the Secretary may not require returns of any tax imposed by subtitle A on individuals, estates, and trusts to be other than on paper forms supplied by the Secretary. (2) Requirements of regulations In prescribing regulations under paragraph (1), the Secretary— (A) shall not require any person to file returns on magnetic media unless such person is required to file at least the applicable number of returns during the calendar year, and (B) shall take into account (among other relevant factors) the ability of the taxpayer to comply at reasonable cost with the requirements of such regulations. (3) Special rule for tax return preparers (A) In general The Secretary shall require that any individual income tax return prepared by a tax return preparer be filed on magnetic media if— (i) such return is filed by such tax return preparer, and (ii) such tax return preparer is a specified tax return preparer for the calendar year during which such return is filed. (B) Specified tax return preparer For purposes of this paragraph, the term “specified tax return preparer” means, with respect to any calendar year, any tax return preparer unless such preparer reasonably expects to file 10 or fewer individual income tax returns during such calendar year. (C) Individual income tax return For purposes of this paragraph, the term “individual income tax return” means any return of the tax imposed by subtitle A on individuals, estates, or trusts. (D) Exception for certain preparers located in areas without internet access The Secretary may waive the requirement of subparagraph (A) if the Secretary determines, on the basis of an application by the tax return preparer, that the preparer cannot meet such requirement by reason of being located in a geographic area which does not have access to internet service (other than dial-up or satellite service). (4) Special rule for returns filed by financial institutions with respect to withholding on foreign transfers The numerical limitation under paragraph (2)(A) shall not apply...

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

Also cites: 26 U.S.C. § 414, 26 U.S.C. § 6058, 29 U.S.C. § 1002, 29 U.S.C. § 1024, 29 U.S.C. § 1102, 29 U.S.C. § 1103

How this bill changes current law

4 changes Share ↗

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

The bill allows a group of plans to file a single aggregated annual return or report to reduce duplicative reporting requirements under ERISA and the Internal Revenue Code.

  • 29 U.S.C. 1024

    The Secretary of the Treasury and the Secretary of Labor shall, in cooperation, modify the returns required under section 6058 of the Internal Revenue Code of 1986 and the reports required by section 104 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1024) so that all members of a group of plans described in subsection (c) may file a single aggregated annual return or report satisfying the requirements of both such sections.

    This adds a provision for a combined annual report to allow multiple plans to file together.

  • 29 U.S.C. 1024

    In developing the consolidated return or report under subsection (a), the Secretary of the Treasury and the Secretary of Labor may require such return or report to include any information regarding each plan in the group as such Secretaries determine is necessary or appropriate for the enforcement and administration of the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974.

    This allows the Secretaries to require necessary information for compliance and enforcement in the consolidated report.

  • 29 U.S.C. 1024

    A group of plans is described in this subsection if all plans in the group-- (1) are individual account plans or defined contribution plans (as defined in section 3(34) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(34)) or in section 414(i) of the Internal Revenue Code of 1986); (2) have-- (A) the same trustee (as described in section 403(a) of such Act (29 U.S.C. 1103(a))); (B) the same one or more named fiduciaries (as described in section 402(a) of such Act (29 U.S.C. 1102(a))); (C) the same administrator (as defined in section 3(16)(A) of such Act (29 U.S.C. 1002(16)(A))) and plan administrator (as defined in section 414(g) of the Internal Revenue Code of 1986); and (D) plan years beginning on the same date; and (3) provide the same investments or investment options to participants and beneficiaries.

    This defines the criteria for what constitutes a group of plans eligible to file a combined report.

  • 29 U.S.C. 1024

    A plan not subject to title I of the Employee Retirement Income Security Act of 1974 shall be treated as meeting the requirements of paragraph (2) as part of a group of plans if the same person that performs each of the functions described in such paragraph, as applicable, for all other plans in such group performs each of such functions for such plan.

    This clarifies how non-ERISA plans can still be included in the grouped filing.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 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

taxation labor
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Frequently asked questions

What does S 695 do?
This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify specified returns required for deferred compensation plans and other employee benefit plans to permit all members of a group of plans to file a single aggregated annual return or report satisfying the requirements of both the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA). The requirement applies to a group in which all of the plans: are individual account plans or defined contribution plans; have the same trustee, the same one or more named fiduciaries, the same administrator, and plan years beginning on the same date; and provide the same investments or investment options to participants and beneficiaries. The bill also specifies that, for the purposes of applying the numerical limitations related to the electronic filing of returns for deferred compensation plans, each plan for which information is provided on the return must be treated as a separate return.
Who sponsors S 695?
S 695 is sponsored by Warner, Mark R. (Democratic).
What is the current status of S 695?
This bill died with 115th 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 S 695?
Track S 695 free on One Click Politics — get push/email alerts when it moves.

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