United States 114th Congress Status: Died 1 D cosponsors

HR 4067 — SAVE Act of 2015 Small Businesses Add Value for Employees Act of 2015

Last action — Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

SAVE Act of 2015 Small Businesses Add Value for Employees Act of 2015 This bill amends the Internal Revenue Code, with respect to employer-established simple individual retirement accounts (IRAs) and pension plans, to: repeal restrictions on rollovers from simple IRAs to qualified retirement plans; allow employers to elect to terminate simple IRAs at any time during the year; repeal the increased 25% penalty on premature distributions from simple IRAs within the first two plan years; allow additional nonelective employer contributions to simple IRAs not exceeding 10% of compensation; establish automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 in a preceding year; establish secure deferral arrangements for automatically enrolling employees at 6% of pay with annual increases; allow small employers a new tax credit for the cost of adopting safe harbor requirements for secure deferral arrangements; allow a transfer of unused benefits in a flexible spending arrangement to a qualified retirement or eligible deferred compensation plan; increase the tax credit for small employer pension plan startup costs; and establish multiple small employer retirement plans that provide for automatic employee contributions. The bill requires: (1) the Department of the Treasury to promulgate regulations regarding the timing of notices to participants in automatic contribution pension plans; (2) the Office of Financial Education of Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans; (3) Treasury and the Department of Labor to develop recommendations for small businesses to improve retirement outcomes; and (4) Treasury, in consultation with the Department of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.

Bill Text

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Read HR 4067 on the official United States source →

Action History

  1. Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

  2. Referred to House Education and the Workforce

  3. Referred to House Ways and Means

  4. Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.

  5. Introduced in House

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 finance labor education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 4067 do?
SAVE Act of 2015 Small Businesses Add Value for Employees Act of 2015 This bill amends the Internal Revenue Code, with respect to employer-established simple individual retirement accounts (IRAs) and pension plans, to: repeal restrictions on rollovers from simple IRAs to qualified retirement plans; allow employers to elect to terminate simple IRAs at any time during the year; repeal the increased 25% penalty on premature distributions from simple IRAs within the first two plan years; allow additional nonelective employer contributions to simple IRAs not exceeding 10% of compensation; establish automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 in a preceding year; establish secure deferral arrangements for automatically enrolling employees at 6% of pay with annual increases; allow small employers a new tax credit for the cost of adopting safe harbor requirements for secure deferral arrangements; allow a transfer of unused benefits in a flexible spending arrangement to a qualified retirement or eligible deferred compensation plan; increase the tax credit for small employer pension plan startup costs; and establish multiple small employer retirement plans that provide for automatic employee contributions. The bill requires: (1) the Department of the Treasury to promulgate regulations regarding the timing of notices to participants in automatic contribution pension plans; (2) the Office of Financial Education of Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans; (3) Treasury and the Department of Labor to develop recommendations for small businesses to improve retirement outcomes; and (4) Treasury, in consultation with the Department of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.
Who sponsors HR 4067?
HR 4067 is sponsored by Ron Kind (D).
What is the current status of HR 4067?
This bill died with 114th 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 4067?
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