Summary:
Strengthening Access to Valuable Education and Retirement Support Act of 2015 or the SAVERS Act of 2015

This bill amends the Internal Revenue Code (IRC) to modify the requirements for fiduciaries that provide investment advice to tax-favored savings plans, including employer-sponsored retirement plans, individual retirement accounts, health savings accounts, and education savings accounts.

(Sec. 2) The bill specifies that its purpose is to provide that advisors are subject to liability under the IRC if they: (1) provide advice that is impermissible under the prohibited transaction provisions, or (2) breach the best interest standard for the provision of investment advice.

(Sec. 3) The bill amends the IRC to exempt from the tax on prohibited transactions:

 the provision of investment advice by a fiduciary to a plan, plan participant, or beneficiary with respect to the plan, which is a best interest recommendation; and any transaction, including a contract for service, between an investment provider and the advice recipient in connection with the advice if no more than reasonable compensation is paid and disclosures are made regarding advice that includes a limited range of investment options or that may result in variable compensation for the advisor. For purposes of this bill, investment advice is a recommendation that relates to:

 the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a plan by the plan, plan participants, or plan beneficiaries, including any recommendation whether to take a distribution of benefits from the plan or any recommendation relating to the investment of any moneys or other property of the plan to be rolled over or otherwise distributed from the plan; the management of moneys or other property of the plan, including recommendations relating to the management of moneys or other property to be rolled over or otherwise distributed from the plan; or the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing any of these types of advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment that the person is a fiduciary with respect to the provision of the recommendation; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services.

Any disclaimer of a mutual agreement, arrangement, or understanding with respect to a recommendation must be limited to specified language indicating that the information is not individualized or intended to be materially relied on in making investment or management decisions.

The bill specifies circumstances under which information that is provided with certain disclosures, by certain individuals, or that is limited to certain non-individualized content is not treated as a recommendation made pursuant to a mutual agreement, arrangement, or understanding for purposes of the definition of investment advice and must include a disclaimer.

The specified circumstances involve:

 a seller providing information in a marketing or sales capacity; information provided by a counterparty or service provider to the plan in connection with any transaction based on the information (including a service arrangement, sale, purchase, loan, bilateral contract, swap, or security-based swap); information provided by an employee of a plan sponsor; platforms or similar mechanisms that provide selection and monitoring assistance; valuation information; and financial education information. The bill defines "best interest recommendation" as a recommendation: (1) for which no more than reasonable compensation is paid; (2) that is provided by a person acting with the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person would exercise based on information obtained from an advice recipient; and (3) where the advisor places the interests of the plan or advice recipient above the advisor's interests.

A best interest recommendation may include a recommendation that:

 is based on a limited range of investment options, which may consist of proprietary products, if the limitations are clearly disclosed to the recipient prior to any transaction based on the advice using a notice that also indicates that the same or similar investments may be available at a different cost from other sources; or may result in variable compensation to the investment advisor if the receipt of the compensation is clearly disclosed to the advice recipient prior to any transaction based on the advice. A recommendation will not fail to qualify as a best interest recommendation solely because the person, acting in good faith and with reasonable diligence, makes an error or omission in disclosing the required information if a corrected disclosure occurs as soon as practicable, but not later than 30 days after the person knows of the error or omission.

The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under the Employee Retirement Income Security Act of 1974 (ERISA), the prohibited transaction provisions of the IRC, or other Labor regulations. No such rules or administrative positions promulgated prior to the enactment date of this bill, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this bill.

strengthening access valuable education retirement support act savers act bill amends internal_revenue_code irc modify requirements fiduciaries provide investment advice tax favored savings plans including employer sponsored retirement plans individual retirement accounts health savings accounts education savings accounts sec bill specifies purpose provide advisors subject liability irc provide advice impermissible prohibited transaction provisions breach best interest standard provision investment advice sec bill amends irc exempt tax prohibited transactions provision investment advice fiduciary plan plan participant beneficiary respect plan best interest recommendation transaction including contract service investment provider advice recipient connection advice reasonable compensation paid disclosures advice includes limited range investment options result variable compensation advisor purposes bill investment advice recommendation relates advisability acquiring holding disposing exchanging moneys property plan plan plan participants plan beneficiaries including recommendation distribution benefits plan recommendation relating investment moneys property plan rolled distributed plan management moneys property plan including recommendations relating management moneys property rolled distributed plan advisability retaining ceasing retain person receive fee compensation providing types advice investment advice rendered pursuant written acknowledgment person fiduciary respect provision recommendation mutual agreement arrangement understanding include limitations scope timing responsibility provide ongoing monitoring advice services disclaimer mutual agreement arrangement understanding respect recommendation limited specified language indicating information individualized intended materially relied making investment management decisions bill specifies circumstances information provided certain disclosures certain individuals limited certain non individualized content treated recommendation pursuant mutual agreement arrangement understanding purposes definition investment advice include disclaimer specified circumstances involve seller providing information marketing sales capacity information provided counterparty service provider plan connection transaction based information including service arrangement sale purchase loan bilateral contract swap security based swap information provided employee plan sponsor platforms similar mechanisms provide selection monitoring assistance valuation information financial education information bill defines best interest recommendation recommendation reasonable compensation paid provided person acting care skill diligence prevailing circumstances prudent person exercise based information obtained advice recipient advisor places interests plan advice recipient advisor interests best interest recommendation include recommendation based limited range investment options consist proprietary products limitations clearly disclosed recipient prior transaction based advice notice indicates similar investments available different cost sources result variable compensation investment advisor receipt compensation clearly disclosed advice recipient prior transaction based advice recommendation fail qualify best interest recommendation solely person acting good faith reasonable diligence makes error omission disclosing required information corrected disclosure occurs soon practicable later days person knows error omission bill prohibits department_of_labor amending rules administrative positions investment advice promulgated employee retirement income security act erisa prohibited transaction provisions irc labor regulations rules administrative positions promulgated prior enactment date bill effective january effective bill joint resolution specifically approving rules positions enacted later days enactment bill


Summary:
Volatility And Losses Undermining Earnings Act of 2016

This bill amends the Internal Revenue Code to waive the minimum distribution requirements for certain defined contribution pension plans or individual retirement plans during calendar year 2016.

volatility losses undermining earnings act bill amends internal_revenue_code waive minimum distribution requirements certain defined contribution pension plans individual retirement plans calendar year


Summary:
Making Your Retirement Accessible Act or the MyRA Act

This bill amends the Internal Revenue Code to establish an employee retirement option known as a MyRA account. A MyRA account functions as a Roth Individual Retirement Account. An employee who elects to establish a MyRA account may contribute any portion of a tax refund or make automatic payroll contributions to the account.

The funding of MyRA accounts is limited to retirement savings bonds issued by the Department of the Treasury with a specified interest rate and maturity date.

The bill imposes a tax on any employer who fails to comply with the requirement for making direct deposits to a MyRA account of wages designated by an employee.

making retirement accessible act act bill amends internal_revenue_code establish employee retirement option known account account functions roth individual retirement account employee elects establish account contribute portion tax refund automatic payroll contributions account funding accounts limited retirement savings bonds issued department_of_the_treasury specified interest rate maturity date bill imposes tax employer fails comply requirement making direct deposits account wages designated employee


Summary:
Expanding Employee Ownership Act of 2016

This bill amends the Internal Revenue Code to exclude from the gross income of an employee: (1) shares of employer securities received in a qualified employee stock distribution as compensation for services that do not exceed the lowest number of employer securities received by any employee in such distribution; (2) any gain on such securities if held by an employee for not less than 10 years; and (3) in the case of any qualified disposition of an employer security that meets such 10-year holding requirement, any gain on so much stock acquired during the 60-day period beginning on the date of such disposition as does not exceed the fair market value of the employer security so disposed.

Employers may claim a tax deduction for the fair market value of securities transferred in a stock distribution. Employees must recapture in gross income the amount of employer securities excluded from gross income if such securities are disposed of within five years after receipt.

expanding employee ownership act bill amends internal_revenue_code exclude gross income employee shares employer securities received qualified employee stock distribution compensation services exceed lowest number employer securities received employee distribution gain securities held employee years case qualified disposition employer security meets year holding requirement gain stock acquired day period beginning date disposition exceed fair market value employer security disposed employers claim tax deduction fair market value securities transferred stock distribution employees recapture gross income employer securities excluded gross income securities disposed years receipt


Summary:
Grow Philanthropy Act of 2016

This bill amends the Internal Revenue Code to exclude from the gross income of an individual who is at least 70-1/2 years of age up to $100,000 in distributions from an individual retirement plan to a donor-advised fund.

(A donor-advised fund is a fund or account that is separately identified by reference to contributions of a donor or donors. The account is owned and controlled by a sponsoring charitable organization, while the donor retains advisory privileges with respect to the distribution and investment of funds in the account.)

bill amends internal_revenue_code exclude gross income individual years age distributions individual retirement plan donor advised fund donor advised fund fund account separately identified reference contributions donor donors account owned controlled sponsoring charitable organization donor retains advisory privileges respect distribution investment funds account


Summary:
Expanding Penalty Free Withdrawal Act of 2016

This bill amends the Internal Revenue Code to expand the exceptions that permit penalty-free distributions to unemployed individuals from retirement plans.

The 10% additional tax on early distributions from retirement plans does not apply to an individual after separation from employment if: (1) the individual has received federal or state unemployment compensation for 26 consecutive weeks or, if less, the maximum period available under state law, and (2) the distributions are made during the year or the succeeding year in which the compensation is paid.

The exception is limited to the lesser of: (1) $50,000 from all plans of the individual over a one-year period, or (2) the greater of $10,000 or one-half of the fair market value of the individual's retirement plans and the nonforfeitable portion of the individual's defined contribution plans.

The exception does not apply to distributions that are: (1) included in the existing exception for distributions to unemployed individuals for health insurance premiums, or (2) are made after the individual has been employed for at least 60 days after the separation.

expanding penalty free withdrawal act bill amends internal_revenue_code expand exceptions permit penalty free distributions unemployed individuals retirement plans additional tax early distributions retirement plans apply individual separation employment individual received federal state unemployment compensation consecutive weeks maximum period available state law distributions year succeeding year compensation paid exception limited lesser plans individual year period greater half fair market value individual retirement plans nonforfeitable portion individual defined contribution plans exception apply distributions included existing exception distributions unemployed individuals health insurance premiums individual employed days separation


Summary:
Legacy IRA Act

This bill amends the Internal Revenue Code to expand the tax exclusion for distributions from individual retirement accounts (IRAs) for charitable purposes.

The bill increases from $100,000 to $400,000 the annual limit on the aggregate amount of distributions for charitable purposes that may be excluded from the gross income of a taxpayer.

The bill permits tax-free distributions from IRAs to a split-interest entity until December 31, 2020. A split-interest entity is exclusively funded by charitable distributions and includes: a charitable remainder annuity trust, a charitable remainder unitrust, or a charitable gift annuity. A charitable gift annuity must commence fixed payments of at least 5% no later than one year from the date of funding.

A distribution to a split-interest entity may only be treated as a qualified charitable distribution if: (1) no person holds an income interest in the entity other than the individual for whose benefit the account is maintained, the spouse of such individual, or both; and (2) the income interest in the entity is nonassignable.

The bill limits the exclusion annually to: $100,000 for distributions to charitable organizations, and $400,000 for distributions to split-interest entities.

Tax-free distributions to a split-interest entity may be made when the account beneficiary attains age 65. (Under current law, the beneficiary must attain the age of 70-1/2 for IRA distributions to a charitable organization.)

legacy ira act bill amends internal_revenue_code expand tax exclusion distributions individual retirement accounts iras charitable purposes bill increases annual limit aggregate distributions charitable purposes excluded gross income taxpayer bill permits tax free distributions iras split interest entity december split interest entity exclusively funded charitable distributions includes charitable remainder annuity trust charitable remainder charitable gift annuity charitable gift annuity commence fixed payments later year date funding distribution split interest entity treated qualified charitable distribution person holds income interest entity individual benefit account maintained spouse individual income interest entity bill limits exclusion annually distributions charitable organizations distributions split interest entities tax free distributions split interest entity account beneficiary attains age current law beneficiary attain age ira distributions charitable organization


Summary:
Help All Americans Save for College Act of 2016

This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans) and ABLE accounts. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)

The bill excludes employer contributions to an employee's 529 plan or ABLE account from the gross income of an individual, certain employment taxes, and taxes on self-employment earnings.

The exclusions are limited to the lesser of: (1) the compensation includible in the individual's gross income for the year, or (2) $5,000 ($10,000 in the case of a joint return) for each dependent of the taxpayer who is the designated beneficiary of a 529 plan.

The bill also allows an individual to deduct up to $5,000 of the aggregate contributions of the individual to a 529 plan and an ABLE account.

The bill revises the 10% additional tax for distributions from a 529 plan or an ABLE account that are not used for qualified purposes to change the rate to the greater of: (1) 10%, or (2) the highest rate of income tax applicable to the taxpayer.

help americans save college act bill amends internal_revenue_code modify tax treatment qualified tuition programs known plans able accounts tax favored able achieving better life experience accounts designed enable individuals disabilities save pay disability related expenses bill excludes employer contributions employee plan able account gross income individual certain employment taxes taxes self employment earnings exclusions limited lesser compensation includible individual gross income year case joint return dependent taxpayer designated beneficiary plan bill allows individual deduct aggregate contributions individual plan able account bill revises additional tax distributions plan able account qualified purposes change rate greater highest rate income tax applicable taxpayer


Summary:
American Savings Account Act of 2016

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a new retirement option for all employees and self-employed individuals to be known as the American Savings Account Fund. This fund operates in a manner similar to the Thrift Savings Fund, which is available to federal employees.

The bill establishes an American Savings Account Board of Directors to establish policies for fund investment and management. The board shall select or establish a list of investment funds and options similar to those in the Thrift Savings Fund, among which participants may choose.

The board shall establish an American Savings Account Fund Advisory Council to advise the board on matters relating to investment policies.

The American Savings Account Fund is tax-exempt and contributions to, or distributions from, it are excludible from gross income.

account act bill amends employee retirement income security act erisa establish new retirement option employees self employed individuals known fund operates manner similar thrift_savings_fund available federal employees bill establishes directors establish policies fund investment management board shall select establish list investment funds options similar thrift_savings_fund participants choose board shall establish advise board matters relating investment policies tax exempt contributions distributions excludible gross income


Summary:
(This measure has not been amended since it was reported to the House on September 16, 2016. The summary of that version is repeated here.)

Empowering Employees through Stock Ownership Act

(Sec. 2) This bill amends the Internal Revenue Code to allow an employee to elect to defer, for income tax purposes, income attributable to certain stock transferred to the employee by an employer.

The employee may defer the inclusion of income from the stock until the year that includes the earliest of the dates on which:

 the stock becomes transferable; the employee becomes an excluded employee; stock of the corporation becomes readily tradable on an established securities market; seven years have passed after the rights of the employee in the stock are transferable or are not subject to a substantial risk of forfeiture, whichever occurs earlier; or the employee revokes the election with respect to the stock. The stock must meet specified requirements and be transferred to the employee from an eligible corporation in connection with the performance of services as an employee.

A corporation is eligible if: (1) no stock of the corporation or a predecessor of the corporation is readily tradable on an established securities market during any preceding calendar year, and (2) it has a written plan under which at least 80% of all employees who provide services to the corporation in the United States (or a U.S. possession) are granted stock options, or restricted stock units, with the same rights and privileges to receive qualified stock.

Employees are excluded if they: (1) are a 1% owner, the chief executive officer, or the chief financial officer of the corporation or have been at any time during the 10 preceding calendar years; (2) are a family member of the specified individuals; or (3) have been one of the four highest compensated officers of the corporation during any of the 10 preceding taxable years.

The corporation transferring stock must notify employees regarding the option of deferring income and meet specified withholding and reporting requirements.

measure amended reported house september summary version repeated empowering employees stock ownership act sec bill amends internal_revenue_code allow employee elect defer income tax purposes income attributable certain stock transferred employee employer employee defer inclusion income stock year includes earliest dates stock transferable employee excluded employee stock corporation readily tradable established securities market seven years passed rights employee stock transferable subject substantial risk forfeiture whichever occurs earlier employee revokes election respect stock stock meet specified requirements transferred employee eligible corporation connection performance services employee corporation eligible stock corporation predecessor corporation readily tradable established securities market preceding calendar year written plan employees provide services corporation united_states possession granted stock options restricted stock units rights privileges receive qualified stock employees excluded owner chief executive officer chief financial officer corporation time preceding calendar years family member specified individuals highest compensated officers corporation preceding taxable years corporation transferring stock notify employees option deferring income meet specified withholding reporting requirements


Summary:
Train the Future Act

 This bill amends the Internal Revenue Code to allow an early distribution, without penalty, from a qualified retirement plan to an employee who is serving as a mentor. The bill defines "mentor" as a working individual who: (1) has attained age 55; (2) works reduced hours and engages in mentoring activities for at least 20% of such hours; and (3) is responsible for the training and education of employees or students in an area of expertise for which such individual has a professional credential, certificate, or degree.

train future act bill amends internal_revenue_code allow early distribution penalty qualified retirement plan employee serving mentor bill defines mentor working individual attained age works reduced hours engages mentoring activities hours responsible training education employees students area expertise individual professional credential certificate degree


Summary:
This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise.

The bill applies to any voting stock that is: (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from a stock bonus or profit sharing plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.

bill amends internal_revenue_code exclude certain purchases employee owned stock considered outstanding voting stock purpose tax excess business holdings private foundation business enterprise bill applies voting stock readily tradable established securities market purchased business enterprise january stock bonus profit sharing plan employees business enterprise participate connection distribution plan held business enterprise treasury stock cancelled retired


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 requires department_of_the_treasury department_of_labor cooperate modify specified returns required deferred compensation plans employee benefit plans permit members group plans file single aggregated annual return report satisfying requirements internal revenue code employee retirement income security act erisa requirement applies group plans individual account plans defined contribution plans trustee named fiduciaries administrator plan years beginning date provide investments investment options participants beneficiaries bill specifies purposes applying numerical limitations related electronic filing returns deferred compensation plans plan information provided return treated separate return


Summary:
Use It or Choose It Act of 2016

This bill allows an individual, when moving from one position (i.e., any form of compensated employment, including part-time employment and independent contracting) within the workforce to another, to elect to retain any benefits (i.e., health care-related benefits, workers compensation, life insurance, family and medical leave, and annual, sick, paternity, or maternity leave) earned when occupying such position.

The bill requires contractual providers of such benefits to extend them on the same terms and conditions as those provided to employees in the former position, or those similarly situated. Employers accruing funds or reserves corresponding to leave or other benefits shall transfer such funds or reserves to new employers upon request.

use choose act bill allows individual moving position form compensated employment including time employment independent contracting workforce elect retain benefits health care related benefits workers compensation life insurance family medical leave annual sick paternity maternity leave earned occupying position bill requires contractual providers benefits extend terms conditions provided employees position similarly situated employers accruing funds reserves corresponding leave benefits shall transfer funds reserves new employers request


Summary:
Graduate Student Savings Act of 2016

This bill amends the Internal Revenue Code to allow funds paid to an individual to aid in the pursuit of graduate or postdoctoral study or research to be saved in an Individual Retirement Account (IRA). The bill permits the funds to be considered compensation for purposes of current law provisions that limit annual deductible IRA contributions to the lesser of: (1) the deductible amount permitted under current law, or (2) the compensation includible in the individual's gross income for the year.

bill amends internal_revenue_code allow funds paid individual aid pursuit graduate postdoctoral study research saved individual retirement account ira bill permits funds considered compensation purposes current law provisions limit annual deductible ira contributions lesser deductible permitted current law compensation includible individual gross income year


Summary:
Automatic IRA Act of 2015

 Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.

Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options

Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts.

Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015.

automatic ira act amends internal revenue code require certain employers maintain qualifying retirement plans arrangements available eligible employees payroll deposit individual retirement account ira arrangement automatic ira arrangement grants employees right opt participation require secretary treasury provide employers model notice notifying employees opportunity participate automatic ira arrangement provide participants annual statement setting forth payments earnings value specified information impose penalty employers fail provide eligible employees access automatic ira arrangement allow employers employees tax credit costs associated establishing automatic ira arrangement increase dollar limitation tax credit small employer pension plan startup costs establishes automatic ira advisory group recommendations automatic ira investment options requires secretary secretary labor jointly conduct feasibility studies extending spousal consent requirements automatic ira arrangements automatically transferring amounts saved employees retirement bonds alternative private sector diversified investments employees automatic ira balances reach certain dollar level investment data notify individuals multiple small balance retirement accounts consolidation options investment arrangements associated automatic iras assist addressing problem abandoned accounts directs secretaries prescribe administrative guidance use multiple employer plans december


Summary:
Shrinking Emergency Account Losses Act of 2015 or the SEAL Act

Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts.

Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution.

emergency account losses act seal act amends internal revenue code respect loans qualified employer pension plan extend period repayment loans plan terminates plan participant unemployed prohibit plans allowing use credit cards similar arrangements access loan amounts requires secretary treasury modify regulations governing hardship distributions qualified employer pension plans allow participants additional contributions plan month period following hardship distribution


Summary:
Reducing Overlapping Payments Act

 Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act to require reduced to zero the total of an individual's monthly disability insurance benefits and any spouse's, surviving spouse's, child's, widow's, widower's, or parent's OASDI benefits based on the individual's wages and self-employment income for any month before the individual attains retirement age in which that individual is entitled to both disability insurance benefits and unemployment compensation.

reducing overlapping payments act amends title old age survivors disability_insurance oasdi social security act require reduced zero total individual monthly disability insurance benefits spouse surviving spouse child widow widower parent oasdi benefits based individual wages self employment income month individual attains retirement age individual entitled disability insurance benefits unemployment compensation


Summary:
Healthy Families Act

 Requires certain employers, who employ 15 or more employees for each working day during 20 or more workweeks a year, to permit each employee to earn at least 1 hour of paid sick time for every 30 hours worked.

Authorizes small employers with fewer than 15 employees to provide the same paid sick time, but allows them to opt out. Requires any small employer that opts out to provide at least 56 hours of unpaid sick time to each employee per calendar year.

Declares that an employer shall not be required to permit an employee to earn more than 56 hours of paid sick time in a calendar year, unless the employer chooses to set a higher limit.

Allows employees to use such time to: (1) meet their own medical needs; (2) care for the medical needs of certain family members (including a domestic partner or the domestic partner's parent or child); or (3) seek medical attention, assist a related person, take legal action, or engage in other specified activities relating to domestic violence, sexual assault, or stalking.

Prohibits an employer from interfering with an employee's exercise of such rights.

Directs the Secretary of Labor to exercise certain investigative and enforcement authority for employees covered by this Act, the Family and Medical Leave Act of 1993, or the Government Employee Rights Act of 1991. Grants the same authority, for employees under their jurisdiction, to the Librarian of Congress, the Comptroller General, the Board of Directors of the Office of Compliance, and the Merit Systems Protection Board.

Authorizes civil actions by employees, individuals, or their representatives for damages or equitable relief against employers who violate this Act.

Waives a state's sovereign immunity with respect to a suit brought by an employee of a federally-assisted state program or activity for relief authorized under this Act.

Requires the Commissioner of Labor Statistics to compile information annually on paid sick time and the Comptroller General to study related matters.

Declares that nothing in this Act shall be construed to discourage employers from adopting or retaining more generous leave policies.

healthy_families_act requires certain employers employ employees working day workweeks year permit employee earn hour paid sick time hours worked authorizes small employers fewer employees provide paid sick time allows opt requires small employer provide hours unpaid sick time employee calendar year declares employer shall required permit employee earn hours paid sick time calendar year employer chooses set higher limit allows employees use time meet medical needs care medical needs certain family members including domestic partner domestic partner parent child seek medical attention assist related person legal action engage specified activities relating domestic violence sexual assault stalking prohibits employer interfering employee exercise rights directs secretary labor exercise certain investigative enforcement authority employees covered act family medical leave act government employee rights act grants authority employees jurisdiction librarian congress comptroller_general board_of_directors office_of_compliance merit_systems_protection_board authorizes civil actions employees individuals representatives damages equitable relief employers violate act waives state sovereign immunity respect suit brought employee federally assisted state program activity relief authorized act requires commissioner labor_statistics compile information annually paid sick time comptroller general study related matters declares act shall construed discourage employers adopting retaining generous leave policies


Summary:
Flexibility for Working Families Act

Authorizes an employee to request from an employer a temporary or permanent change in the terms or conditions of the employee's employment if the request relates to: (1) the number of hours the employee is required to work, (2) the times when the employee is required to work or be on call for work, (3) where the employee is required to work, or (4) the amount of notification the employee receives of work schedule assignments. Sets forth certain employer duties with respect to such requests.

Makes it unlawful for an employer to interfere with any rights provided to an employee under this Act. Authorizes an employee to file a complaint with the Secretary of Labor for any violations of such rights. Provides for the investigation and assessment of civil penalties or the award of relief for alleged violations, including the review in federal courts of appeal of orders of the Secretary.

Requires the Secretary and certain federal agency administrative officers to provide information and technical assistance to employers, labor organizations, and the general public regarding compliance with this Act.

Requires the Administrator of the Wage and Hour Division of the Department of Labor to issue guidance on compliance with the Fair Labor Standards Act that provides a flexible work environment through changes in employee terms and conditions of employment provided in this Act.

Applies the requirements of this Act to certain classes of employees, including employees of the Government Accountability Office and the Library of Congress.

flexibility working families act authorizes employee request employer temporary permanent change terms conditions employee employment request relates number hours employee required work times employee required work work employee required work notification employee receives work schedule assignments sets forth certain employer duties respect requests makes unlawful employer interfere rights provided employee act authorizes employee file complaint secretary labor violations rights provides investigation assessment civil penalties award relief alleged violations including review federal courts appeal orders secretary requires secretary certain federal agency administrative officers provide information technical assistance employers labor organizations general public compliance act requires administrator wage hour division department_of_labor issue guidance compliance fair labor standards act provides flexible work environment changes employee terms conditions employment provided act applies requirements act certain classes employees including employees government_accountability_office library_of_congress


Summary:
Lifetime Income Disclosure Act

 Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the quarterly pension benefit statement furnished to a participant or beneficiary with the right to direct the investment of assets in his or her account under an individual account plan to include a lifetime income disclosure at least once during any 12-month period.

Requires such lifetime income disclosure to set forth the lifetime income stream equivalent of the participant's or beneficiary's total benefits accrued. Defines a lifetime income stream equivalent of the total benefits accrued as the monthly annuity payment the participant or beneficiary would receive if those total accrued benefits were used to provide lifetime income streams to a qualified joint and survivor annuitant.

Directs the Secretary of Labor to:

 issue a model lifetime income disclosure, written in a manner which can be understood by the average plan participant; and prescribe assumptions that plan administrators may use in converting total accrued benefits into lifetime income stream equivalents. Declares that no plan fiduciary, plan sponsor, or other person shall have any liability under ERISA solely by reason of the provision of lifetime income stream equivalents derived in accordance with such assumptions and related rules and including explanations contained in the model lifetime income disclosure.

lifetime income disclosure act amends employee retirement income security act erisa require quarterly pension benefit statement furnished participant beneficiary right direct investment assets account individual account plan include lifetime income disclosure month period requires lifetime income disclosure set forth lifetime income stream equivalent participant beneficiary total benefits accrued defines lifetime income stream equivalent total benefits accrued monthly annuity payment participant beneficiary receive total accrued benefits provide lifetime income streams qualified joint survivor annuitant directs secretary labor issue model lifetime income disclosure written manner understood average plan participant prescribe assumptions plan administrators use converting total accrued benefits lifetime income stream equivalents declares plan fiduciary plan sponsor person shall liability erisa solely reason provision lifetime income stream equivalents derived accordance assumptions related rules including explanations contained model lifetime income disclosure


Summary:
Keep Our Pension Promises Act

This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans.

The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow a plan sponsor of an eligible multiemployer plan to petition the Pension Benefit Guaranty Corporation for a partition of a financially-troubled pension plan. PBGC is required to establish a legacy fund to cover the administrative and benefit costs resulting from a partition..

The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.

The bill amends the Internal Revenue Code to: (1) impose a limit of $1 million on the exemption of the gain from the exchange of real property in a like kind exchange, (2) prohibit the use of like kind exchanges for collectibles, (3) establish estate valuation rules for certain transfers of nonbusiness assets, and (4) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

bill repeals elimination pension anti provisions multiemployer pension reform act anti provisions prohibit reductions pension benefits participants multiemployer pension plans bill amends employee retirement income security act erisa allow plan sponsor eligible multiemployer plan petition pension_benefit_guaranty_corporation partition financially troubled pension plan pbgc required establish legacy fund cover administrative benefit costs resulting partition bill amends federal bankruptcy code assign claim priority pension obligations erisa bill amends internal_revenue_code impose limit million exemption gain exchange real property like kind exchange prohibit use like kind exchanges collectibles establish estate valuation rules certain transfers nonbusiness assets limit estate tax discounts certain individuals minority interests business acquired decedent


Summary:
Women's Pension Protection Act of 2015

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) extend spousal consent requirements to defined contribution pension plans, and (2) allow certain long-term part-time workers to participate in pension plans that include either a qualified cash or deferred arrangement or a salary reduction agreement.

Financial product or service providers who sell retirement financial products or services must provide purchasers of their products or services an easily accessible link to the website of the Bureau of Consumer Financial Protection to obtain information relating to retirement planning or later life economic security.

The Women's Bureau of the Department of Labor shall award grants to certain community-based organizations to improve the financial literacy of women who are working age or in retirement.

bill amends employee retirement income security act erisa extend spousal consent requirements defined contribution pension plans allow certain long term time workers participate pension plans include qualified cash deferred arrangement salary reduction agreement financial product service providers sell retirement financial products services provide purchasers products services easily accessible link website bureau_of_consumer_financial_protection obtain information relating retirement planning later life economic security shall award grants certain community based organizations improve financial literacy women working age retirement


Summary:
Pension Accountability Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise rules for voting on the suspension of pension benefits under multiemployer plans in endangered or critical status. The bill changes the voting procedure for suspending plan benefits to provide that a suspension shall go into effect unless a majority of plan participants and beneficiaries who cast a vote (currently, a majority of all plan participants and beneficiaries) reject the suspension. The bill also eliminates the authority of the Department of the Treasury, in the case of systemically important plans, to override a vote of plan participants to reject a suspension. A plan is systemically important if projected financial assistance to the plan will exceed $1 billion if suspensions are not implemented.

pension accountability act bill amends employee retirement income security act erisa internal_revenue_code revise rules voting suspension pension benefits multiemployer plans endangered critical status bill changes voting procedure suspending plan benefits provide suspension shall effect majority plan participants beneficiaries cast vote currently majority plan participants beneficiaries reject suspension bill eliminates authority department_of_the_treasury case systemically important plans override vote plan participants reject suspension plan systemically important projected financial assistance plan exceed billion suspensions implemented


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Church Plan Clarification Act of 2015

(Sec. 2) This bill amends the Internal Revenue Code, with respect to the tax treatment of church pension plans, to: (1) provide that an organization otherwise eligible to participate in a church plan shall not be aggregated with another such organization and treated as a single employer with it for pension benefit rules and testing purposes unless one such organization provides at least 80% of the operating funds for the other organization during the recipient organization's preceding tax year and there is a degree of common management or supervision between the organizations, and (2) allow transfers and mergers of qualified church retirement plans without tax consequences.

The bill amends the Tax Equity and Fiscal Responsibility Act of 1982 to adopt benefit accrual limitations for church defined benefits plans established before 1982.

The bill also: (1) preempts any state law relating to wage, salary, or payroll payment, collection, deduction, garnishment, assignment, or withholding that would prohibit or restrict the inclusion in any church plan of an automatic contribution arrangement; and (2) allows church plans and their supporting organizations to invest plan assets in a group trust (as defined by Internal Revenue Service Revenue Rulings).

measure amended introduced summary expanded action occurred measure church plan clarification act sec bill amends internal_revenue_code respect tax treatment church pension plans provide organization eligible participate church plan shall aggregated organization treated single employer pension benefit rules testing purposes organization provides operating funds organization recipient organization preceding tax year degree common management supervision organizations allow transfers mergers qualified church retirement plans tax consequences bill amends adopt benefit accrual limitations church defined benefits plans established bill preempts state law relating wage salary payroll payment collection deduction garnishment assignment withholding prohibit restrict inclusion church plan automatic contribution arrangement allows church plans supporting organizations invest plan assets group trust defined internal_revenue_service_revenue_rulings


Summary:
American Savings Account Act of 2016

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a new retirement option for all employees and self-employed individuals to be known as the American Savings Account Fund. This fund operates in a manner similar to the Thrift Savings Fund, which is available to federal employees.

The bill establishes an American Savings Account Board of Directors to establish policies for fund investment and management. The Board shall select or establish a list of investment funds and options similar to those in the Thrift Savings Fund, among which participants may choose.

The Board shall establish an American Savings Account Fund Advisory Council to advise the Board on matters relating to investment policies.

The American Savings Account Fund is tax-exempt and contributions to, or distributions from, it are excludible from gross income.

account act bill amends employee retirement income security act erisa establish new retirement option employees self employed individuals known fund operates manner similar thrift_savings_fund available federal employees bill establishes directors establish policies fund investment management board shall select establish list investment funds options similar thrift_savings_fund participants choose board shall establish advise board matters relating investment policies tax exempt contributions distributions excludible gross income


Summary:
Encouraging Americans to Save Act

This bill amends the Internal Revenue Code to expand the tax credit for retirement savings contributions to: (1) make such credit refundable; (2) allow individual taxpayers (excluding dependents and full-time students) who have attained age 18 as of the close of the taxable year a credit for 50% of their retirement savings contributions up to $1,000; (3) increase the maximum income threshold for determining eligibility for the credit; and (4) allow direct deposit of credit amounts into the taxpayer's retirement savings vehicle (e.g., MyRA or Roth IRA account).

The Department of the Treasury shall educate taxpayers on the benefits of the credit for retirement savings contributions.

encouraging americans save act bill amends internal_revenue_code expand tax credit retirement savings contributions credit refundable allow individual taxpayers excluding dependents time students attained age close taxable year credit retirement savings contributions increase maximum income threshold determining eligibility credit allow direct deposit credit amounts taxpayer retirement savings vehicle roth ira account department treasury shall educate taxpayers benefits credit retirement savings contributions


Summary:
Affordable Retirement Advice Protection Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services.

The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources.

The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act.

bill amends employee retirement income security act erisa define investment advice relates fiduciary duties act recommendation relates advisability acquiring holding disposing exchanging moneys property pension plan individual retirement account plan plan participants plan beneficiaries including recommendation distribution benefits plan recommendation relating rollover distribution plan management moneys property plan including recommendations relating management plan assets rolled distributed plan advisability retaining ceasing retain person receive fee compensation providing investment advice investment advice rendered pursuant written acknowledgment obligation investment advisor act accordance fiduciary standards erisa mutual agreement arrangement understanding include limitations scope timing responsibility provide ongoing monitoring advice services bill allows exemption erisa prohibited transactions rules investment advice reasonable compensation paid based limited range investment options result variable income investment advisor clearly stated notice provided advice recipient similar investments available greater lesser cost sources bill prohibits department_of_labor amending rules administrative positions investment advice promulgated erisa rules administrative positions promulgated prior enactment date act effective january effective bill joint resolution specifically approving rules positions enacted later days enactment act


Summary:
Keep Estimated Extra Payments Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to permit the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor to elect not to recoup overpayments of benefits to participants in multiemployer and single employer pension plans.

(The PBGC is a federal government agency created by ERISA to protect the pensions of participants and beneficiaries covered by private-sector, defined benefit pension plans.)

bill amends employee retirement income security act erisa permit pension_benefit_guaranty_corporation pbgc department_of_labor elect recoup overpayments benefits participants multiemployer single employer pension plans pbgc federal government agency created erisa protect pensions participants beneficiaries covered private sector defined benefit pension plans


Summary:
Pension Fund Integrity Act of 2016

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to require salary reductions for certain employees of systemically important multiemployer pension plans that are in critical or declining status and that reduce participant benefits.

When a benefit suspension is in effect, any compensation paid to employees of a plan that exceeds the amounts specified in this bill is a prohibited transaction that is subject to a tax to be paid by the plan sponsor.

If a plan is in endangered, critical, or critical and declining status, payments for lobbying and political expenses for any person other than an employee of the plan are prohibited transactions and subject to a tax to be paid by the plan sponsor.

pension fund integrity act bill amends internal_revenue_code employee retirement income security act erisa require salary reductions certain employees systemically important multiemployer pension plans critical declining status reduce participant benefits benefit suspension effect compensation paid employees plan exceeds amounts specified bill prohibited transaction subject tax paid plan sponsor plan endangered critical critical declining status payments lobbying political expenses person employee plan prohibited transactions subject tax paid plan sponsor


Summary:
Retirement Savings Lost and Found Act of 2016

This bill requires the Department of the Treasury and the Social Security Administration (SSA) to create an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must provide plan participants or beneficiaries only with the ability to view contact information for the administrator of a plan that is sufficient to locate the plan.

The bill amends the Internal Revenue Code (IRC) to set forth additional reporting and notification requirements for retirement plans.

Treasury and the SSA must take precautions to: (1) safeguard the privacy and security of participants' plan information, and (2) permit plan participants to opt out of inclusion in the RSLF.

The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to revise provisions that permit mandatory distributions of the balances of small retirement accounts using a rollover into an Individual Retirement Account (IRA). The bill modifies the investment options available for the distributions and increases the maximum account balance that may be subject to such a distribution.

A plan must transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF or to an IRA established by the Department of the Treasury. The RSLF must invest funds received in Treasury securities and distribute the balance upon receiving an application from a plan participant or beneficiary.

retirement savings lost bill requires department_of_the_treasury social_security_administration ssa create online retirement savings lost found assist individuals locating certain employer sponsored retirement accounts provide plan participants beneficiaries ability view contact information administrator plan sufficient locate plan bill amends internal_revenue_code irc set forth additional reporting notification requirements retirement plans treasury ssa precautions safeguard privacy security participants plan information permit plan participants opt inclusion bill amends employee retirement income security act erisa irc revise provisions permit mandatory distributions balances small retirement accounts rollover individual retirement account ira bill modifies investment options available distributions increases maximum account balance subject distribution plan transfer unclaimed mandatory distributions ira established department_of_the_treasury invest funds received treasury securities distribute balance receiving application plan participant beneficiary


Summary:
Pilot Pension Relief Act of 2016

This bill revises the method for calculating the maximum guaranteed benefits required under the Employee Retirement Income Security Act of 1974 (ERISA) for participants in the pilot's pension plan that was sponsored by United Airlines and terminated under ERISA on December 30, 2004.

pilot pension relief act bill revises method calculating maximum guaranteed benefits required employee retirement income security act erisa participants pilot pension plan sponsored terminated erisa december


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 requires department_of_the_treasury department_of_labor cooperate modify specified returns required deferred compensation plans employee benefit plans permit members group plans file single aggregated annual return report satisfying requirements internal revenue code employee retirement income security act erisa requirement applies group plans individual account plans defined contribution plans trustee named fiduciaries administrator plan years beginning date provide investments investment options participants beneficiaries bill specifies purposes applying numerical limitations related electronic filing returns deferred compensation plans plan information provided return treated separate return


Summary:
Small Business Employee Retirement Savings Act of 2016

This bill amends the Internal Revenue Code to modify the tax treatment of retirement plans for small employers with no more than 100 employees. The bill: (1) increases from $500 to $5,000 the limit on the amount of the tax credit for small employer pension plan startup costs, and (2) allows a three-year $500 business-related tax credit for small employers that include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan.

The bill also removes the 10% cap on the amount of an employee's wages that an employer may contribute to a retirement plan under an automatic contribution arrangement.

small business employee retirement savings act bill amends internal_revenue_code modify tax treatment retirement plans small employers employees bill increases limit tax credit small employer pension plan startup costs allows year business related tax credit small employers include maintain automatic contribution arrangement employer sponsored retirement plan bill removes cap employee wages employer contribute retirement plan automatic contribution arrangement


Summary:
State Retirement Savings Act of 2016

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to authorize and establish requirements for: (1) state-sponsored multiple employer retirement plans, and (2) state-managed payroll deduction savings programs that provide individual retirement plans.

state retirement savings act bill amends employee retirement income security act erisa authorize establish requirements state sponsored multiple employer retirement plans state managed payroll deduction savings programs provide individual retirement plans


Summary:
Receiving Electronic Statements To Improve Retiree Earnings Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize the electronic delivery of pension plan documents required to be furnished to a plan participant, beneficiary, or other individual.

The system for furnishing such a document must: (1) be designed to result in effective access to the document, (2) permit the recipient to select the electronic means through which the document is received or request paper documents, and (3) protect the confidentiality of personal information.

An annual paper notice must be provided describing the selection of electronic means for furnishing documents and any election that has been made to receive paper documents.

An electronically furnished document must be prepared and furnished in a manner that is consistent with the style, format, and content requirements for the document. It must also include a notice that apprises the individual of the significance of the document when it is not otherwise reasonably evident as transmitted.

The bill specifies that: (1) documents may continue to be furnished electronically under laws, regulations, or guidance prescribed by the Department of Labor or the Department of the Treasury prior to enactment of this bill; and (2) the departments may prescribe additional methods for furnishing documents.

receiving electronic statements improve retiree earnings act bill amends employee retirement income security act erisa internal_revenue_code authorize electronic delivery pension plan documents required furnished plan participant beneficiary individual system furnishing document designed result effective access document permit recipient select electronic means document received request paper documents protect confidentiality personal information annual paper notice provided describing selection electronic means furnishing documents election receive paper documents electronically furnished document prepared furnished manner consistent style format content requirements document include notice individual significance document reasonably transmitted bill specifies documents continue furnished electronically laws regulations guidance prescribed department_of_labor department_of_the_treasury prior enactment bill departments prescribe additional methods furnishing documents


Summary:
Small Business Survival from Disaster Act

This bill postpones from December 1, 2016, until December 1, 2018, the effective date of final rule of the Department of Labor revising income thresholds for determining overtime pay for executive, administrative, professional, outside sales, and computer ("white collar") employees exempt from regular minimum wage and overtime pay requirements with respect to any states in which, after August 14, 2016, the President has declared that a major disaster exists.

small business survival bill postpones december december effective date final rule department_of_labor revising income thresholds determining overtime pay executive administrative professional outside sales computer white employees exempt regular minimum wage overtime pay requirements respect states august president declared major disaster exists


Summary:
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Miners Protection Act of 2016

This bill amends the Surface Mining Control and Reclamation Act of 1977 (SMCRA) to transfer certain funds to the Multiemployer Health Benefit Plan and the 1974 United Mine Workers of America (UMWA) Pension Plan to provide health and pension benefits to retired coal miners and their families.

The bill expands the group whose retiree health benefits are taken into account in determining the amount that the Department of the Treasury must transfer from the Abandoned Mine Reclamation Fund and the General Fund of the Treasury to the Multiemployer Health Benefit Plan.

(Under current law, transfers are calculated by taking into account beneficiaries that actually enrolled in the plan as of December 31, 2006, and who are eligible to receive benefits under the plan on the first day of the calendar year for which the transfer is made.)

The expanded group includes: (1) beneficiaries actually enrolled in the plan as of the date of enactment of this bill and who are eligible for benefits on the first day of the calendar year for which the transfer is made, and (2) beneficiaries whose health benefits would be denied or reduced as a result of a bankruptcy proceeding commenced in 2012 or 2015.

A voluntary employees' beneficiary association (VEBA) established as a result of a bankruptcy proceeding described above must transfer to the plan any amounts received as a result of the bankruptcy proceeding, reduced by the amount of the VEBA's administrative costs. Transfers by Treasury are reduced by the amount of the VEBA transfers.

Treasury must also transfer additional funds to the 1974 UMWA Pension Plan to pay pension benefits required under that plan if the amounts available for transfer under SMCRA's $490 million annual limit exceed the amounts required to be transferred for other purposes (including to the UMWA Health Plans).

The bill also: (1) prohibits the pension plan from making certain changes to benefits during any year in which a transfer is received, and (2) establishes additional reporting requirements for the plan.

The bill repeals requirements for current and former signatories to labor agreements with the UMWA to pay unassigned beneficiaries premiums or backstop premiums if transfers under SMCRA are less than the amount required to be transferred.

As an offset, the bill amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend the authority of Treasury to collect certain customs user fees.

measure amended introduced summary version repeated miners protection act bill amends surface_mining_control_and_reclamation_act transfer certain funds multiemployer_health_benefit_plan united_mine_workers_of_america umwa pension plan provide health pension benefits retired coal miners families bill expands group retiree health benefits taken account determining department_of_the_treasury transfer abandoned_mine_reclamation_fund general_fund treasury multiemployer_health_benefit_plan current law transfers calculated taking account beneficiaries actually enrolled plan december eligible receive benefits plan day calendar year transfer expanded group includes beneficiaries actually enrolled plan date enactment bill eligible benefits day calendar year transfer beneficiaries health benefits denied reduced result bankruptcy proceeding commenced voluntary employees beneficiary association established result bankruptcy proceeding described transfer plan amounts received result bankruptcy proceeding reduced administrative costs transfers treasury reduced transfers treasury transfer additional funds umwa pension plan pay pension benefits required plan amounts available transfer million annual limit exceed amounts required transferred purposes including bill prohibits pension plan making certain changes benefits year transfer received establishes additional reporting requirements plan bill repeals requirements current signatories labor agreements umwa pay beneficiaries premiums premiums transfers required transferred offset bill amends consolidated_omnibus_budget_reconciliation_act extend authority treasury collect certain customs user fees


Summary:
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Retirement Enhancement and Savings Act of 2016

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges.

With respect to employer-provided plans, the bill modifies requirements regarding:

 multiple employer plans, automatic enrollment and nonelective contributions, hardship withdrawals, loans, rollovers, terminating or transferring plans, reporting and disclosure rules, nondiscrimination rules, selecting lifetime income providers, and Pension Benefit Guaranty Corporation premiums. The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment.

With respect to Individual Retirement Accounts (IRAs), the bill:

 treats taxable non-tuition fellowship and stipend payments as compensation for the purpose of an IRA, repeals the maximum age for traditional IRA contributions, and permits any IRA to be a shareholder of any S corporation that is a bank. The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges.

The bill also modifies various tax provisions to:

 reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders; allow an employee to elect to defer, for income tax purposes, the inclusion in income of the amount of income attributable to certain stock transferred to the employee by the employer; revise the required distribution rules for pension plans; increase penalties for failing to file tax returns or retirement plan returns; prohibit increases in the user fees for installment agreements and waive the fees for certain low-income taxpayers; require the Internal Revenue Service to share certain return and return information with U.S. Customs Border Protection; and repeal a provision that provides for the technical termination of partnerships.

measure amended introduced summary version repeated retirement enhancement savings act bill amends internal_revenue_code employee retirement income security act erisa modify requirements tax favored retirement savings accounts employer provided retirement plans retirement benefits federal judges respect employer provided plans bill modifies requirements multiple employer plans automatic enrollment nonelective contributions hardship withdrawals loans rollovers terminating transferring plans reporting disclosure rules nondiscrimination rules selecting lifetime income providers pension_benefit_guaranty_corporation premiums bill increases tax credit small employer pension plan startup costs allows tax credit small employers establish retirement plans include automatic enrollment respect individual retirement accounts iras bill treats taxable non tuition fellowship stipend payments compensation purpose ira repeals maximum age traditional ira contributions permits ira shareholder corporation bank bill makes modifications retirement benefits magistrate judges federal judges bill modifies tax provisions reinstate increase tax exclusion benefits provided volunteer firefighters emergency medical responders allow employee elect defer income tax purposes inclusion income income attributable certain stock transferred employee employer revise required distribution rules pension plans increase penalties failing file tax returns retirement plan returns prohibit increases user fees installment agreements waive fees certain low income taxpayers require internal_revenue_service share certain return return information repeal provision provides technical termination partnerships


Summary: War Profiteering Prevention Act of 2007 - Amends the federal criminal code to prohibit profiteering and fraud involving a contract or the provision of goods or services in connection with a mission of the U.S. Government overseas. Imposes: (1) a fine of not more than $1 million and/or a prison term of up to 20 years for knowingly defrauding the United States or a provisional authority in connection with such a mission or for materially overvaluing any goods or services with the intent to defraud; (2) a fine of not more than $1 million and/or a prison term of up to 10 years for falsification or concealment, false statements, or false documents in connection with such contracts or goods or services. Grants extraterritorial federal jurisdiction over war profiteering and fraud offenses. Permits venue for the prosecution of such offenses in any district where any act in furtherance of an offense took place or where any party to a contract or provider of goods or services is located. Allows criminal forfeiture of property obtained from a war profiteering or fraud offense. Makes war profiteering and fraud a predicate offense for money laundering and racketeering offenses.

war profiteering prevention act amends federal criminal code prohibit profiteering fraud involving contract provision goods services connection mission government overseas imposes fine million prison term years knowingly united_states provisional authority connection mission materially goods services intent defraud fine million prison term years falsification concealment false statements false documents connection contracts goods services grants extraterritorial federal jurisdiction war profiteering fraud offenses permits venue prosecution offenses district act furtherance offense took place party contract provider goods services located allows criminal forfeiture property obtained war profiteering fraud offense makes war profiteering fraud predicate offense money laundering racketeering offenses


Summary: Iraq Contracting Fraud Review Act of 2007 - Directs the Secretary of Defense, acting through the Director of the Defense Contract Audit Agency, to review of each covered contract to determine if the contract has been the subject of fraud or any other contracting impropriety. Defines a covered contract as a contract or subcontract entered into on or after March 1, 2003, by the Department of Defense (DOD), if the contract or subcontract: (1) relates to reconstruction or troop support in Iraq; and (2) involves any contractor, subcontractor, or federal employee that has been indicted or convicted for fraud with respect to another DOD contract relating to such reconstruction or troop support in Iraq.

iraq contracting fraud review act directs secretary defense acting director review covered contract determine contract subject fraud contracting defines covered contract contract subcontract entered march department_of_defense dod contract subcontract relates reconstruction troop support iraq involves contractor subcontractor federal employee indicted convicted fraud respect dod contract relating reconstruction troop support iraq


Summary: Military Toy Replica Act - Directs the Secretary of Defense to require that any contract entered into or renewed by the Department of Defense include a provision prohibiting the contractor from requiring toy and hobby manufacturers, distributors, or merchants to obtain licenses from, or pay fees to, the contractor for the use of military likenesses or designations on items provided under the contract.

military toy act directs secretary defense require contract entered renewed department_of_defense include provision prohibiting contractor requiring toy hobby manufacturers distributors merchants obtain licenses pay fees contractor use military likenesses designations items provided contract


Summary: Defense Contracting Ethics Oversight Act of 2007 - Directs the Secretary of Defense to prescribe in regulations a requirement that a Department of Defense (DOD) contracting officer may not determine a contractor to be responsible for the award of a covered contract for DOD (one in excess of $5 million) unless the contracting entity has in place, within 30 days after contract award, an internal ethics compliance program to facilitate the timely detection and disclosure of improper conduct in connection with the award or performance of the contract, and to ensure that appropriate corrective action is taken with respect to such conduct. Allows for the suspension or debarment of contractors determined not to have reported suspected improper conduct. Requires a report from the Administrator of Federal Procurement Policy to Congress on personal financial conflicts of interests of contractor employees and employees of federally funded research and development centers.

defense contracting ethics oversight act directs secretary defense prescribe regulations requirement department_of_defense dod contracting officer determine contractor responsible award covered contract dod excess million contracting entity place days contract award internal ethics compliance program facilitate timely detection disclosure improper conduct connection award performance contract ensure appropriate corrective action taken respect conduct allows suspension debarment contractors determined reported suspected improper conduct requires report administrator federal procurement policy congress personal financial conflicts interests contractor employees employees federally funded research development centers


Summary: Stop Outsourcing Security Act - Directs the Secretary of State to ensure that only government personnel provide security services at U.S. diplomatic or consular missions in Iraq. Requires the President to report to Congress on the status of planning for the use of Government and military personnel instead of private contractors for mission critical or emergency essential functions by January 1, 2009, in all conflict zones where Congress has authorized the use of force. Authorizes Congress access to contracts and task orders in excess of $5 million entered into by the Department of Defense (DOD), the Department of State, the Department of the Interior, and the United States Agency for International Development (USAID) during the period beginning October 1, 2001, and ending on the last day of the month during which this Act is enacted for work to be performed in Iraq and Afghanistan. Requires certain reports to Congress regarding such contracts.

stop outsourcing security act directs secretary state ensure government personnel provide security services diplomatic consular missions iraq requires president report congress status planning use government military personnel instead private contractors mission critical emergency essential functions january conflict zones congress authorized use force authorizes congress access contracts task orders excess million entered department_of_defense dod department_of_state department_of_the_interior united_states_agency international_development usaid period beginning october ending day month act enacted work performed iraq afghanistan requires certain reports congress contracts


Summary: Defines, for this Act: (1) "covered contract" as a Department of Defense (DOD) procurement contract in support of Operation Iraqi Freedom regarding which proficiency in Arabic or knowledge of Iraq is useful; and (2) "covered special immigrant visa" as a visa issued under specified provisions of the National Defense Authorization Act for Fiscal Year 2008 (relating to special immigrant status for certain Iraqis) or the National Defense Authorization Act for Fiscal Year 2006 (relating to special immigrant status for persons serving as translators with the U.S. Armed Forces). Authorizes the Secretary of Defense, in evaluating any bid or proposal for a covered contract, to use as an evaluation factor whether an entity intends to carry out the contract using an employee or individual subcontractor who is a recipient of a covered special immigration visa, in which case the name of each individual must be submitted to the DOD. Prohibits construing this Act as requiring the granting of security clearances in violation of a law or regulation or superseding any regulation or law intended to protect classified information or national security. Directs the Secretary: (1) on request from a contractor, to post information on a public website to enable recipients of covered special immigration visas to apply for employment with the contractor; and (2) to establish a system for notifying recipients of covered special immigration visas about the information posted on the website.

defines act covered contract department_of_defense dod procurement contract support operation iraqi freedom proficiency knowledge iraq useful covered special immigrant visa visa issued specified provisions national_defense_authorization_act fiscal year relating special immigrant status certain iraqis national_defense_authorization_act fiscal year relating special immigrant status persons serving translators authorizes secretary defense evaluating bid proposal covered contract use evaluation factor entity intends carry contract employee individual subcontractor recipient covered special immigration visa case individual submitted dod prohibits construing act requiring granting security clearances violation law regulation superseding regulation law intended protect classified information national security directs secretary request contractor post information public website enable recipients covered special immigration visas apply employment contractor establish system notifying recipients covered special immigration visas information posted website


Summary: Includes certain disclosures made by a Department of Defense (DOD) contract employee to his or her employer among those for which reprisal (discharge, demotion, or other discriminatory acts) is prohibited.

includes certain disclosures department_of_defense dod contract employee employer reprisal discharge demotion discriminatory acts prohibited


Summary: KC-X Tanker Recompete Act - Prohibits funds from being used by the Department of Defense (DOD) on the KC-X (aerial refueling) tanker contract. Defines such contract as the contract awarded by the Department of the Air Force on February 29, 2008, for such aircraft. Outlines requirements and conditions as part of the acquisition process for the award of a contract for a replacement for the KC-135 tanker, including: (1) an independent cost estimate; (2) an increase in the proposal cost or price by the amount of any illegal subsidization by a subsidized person; (3) ensuring an evaluation of the cost borne by a supplier and the cost borne by a foreign government; (4) the consideration of national security impacts; (5) defense industrial base considerations; (6) consideration of the loss of U.S. employee and corporate tax revenue when awarding contracts to foreign entities; and (7) the impact of U.S. regulatory burdens. Directs the Secretary of Defense and the contract source selection authority to require any prospective defense contractor or subcontractor not already covered by the Foreign Corrupt Practices Act to comply with such Act's requirements as a contract award condition. Allows a waiver of such requirement for national security purposes.

funds department_of_defense dod aerial refueling tanker contract defines contract contract awarded february aircraft outlines requirements conditions acquisition process award contract replacement tanker including independent cost estimate increase proposal cost price illegal subsidization subsidized person ensuring evaluation cost borne supplier cost borne foreign government consideration national security impacts defense industrial base considerations consideration loss employee corporate tax revenue awarding contracts foreign entities impact regulatory burdens directs secretary defense contract source selection authority require prospective defense contractor subcontractor covered comply act requirements contract award condition allows waiver requirement national security purposes


Summary: Fairness and Accountability in Defense Contracting Act - Requires each solicitation of offers by the Department of Defense (DOD) for a covered contract to include a requirement that the offeror include with the contract bid or proposal a written statement concerning compensation paid by the offeror during the previous year to former DOD officers or employees or former or retired members of the Armed Forces. Includes as a covered contract a contract for the procurement of goods or services in excess of $1 million, other than a contract for the procurement of commercial items.

fairness accountability defense contracting act requires solicitation offers department_of_defense dod covered contract include requirement offeror include contract bid proposal written statement concerning compensation paid offeror previous year dod officers employees retired members armed_forces includes covered contract contract procurement goods services excess million contract procurement commercial items


Summary: War Profiteering Prevention Act of 2007 - Amends the federal criminal code to impose a fine and/or prison term of up to 20 years for profiteering and fraud involving a contract or the provision of goods or services in connection with a war, military action, or relief or reconstruction activities within U.S. jurisdiction. Prohibits: (1) executing or attempting to execute a scheme or artifice to defraud the United States; and (2) materially overvaluing any good or service with the specific intent to defraud and excessively profit from the war, military action, or relief or reconstruction activities. Imposes a fine or prison term of up to 10 years for: (1) falsifying, concealing, or covering up by any trick, scheme, or device a material fact; (2) making any materially false, fictitious, or fraudulent statements; or (3) making or using any materially false writing or document knowing the same to be false, fictitious or fraudulent.Establishes the fine provided by this Act as the greater of $1 million or twice the gross profits or other proceeds derived by a person convicted of an offense under this Act. Expands venue rules for the prosecution of offenses under this Act. Grants extraterritorial federal jurisdiction over offenses under this Act. Subjects any property which constitutes or is derived from proceeds traceable to a violation of this Act to civil and criminal forfeiture. Makes the war profiteering and fraud offenses set forth by this Act predicate crimes for racketeering and money laundering offenses.

war profiteering prevention act amends federal criminal code impose fine prison term years profiteering fraud involving contract provision goods services connection war military action relief reconstruction activities jurisdiction prohibits executing attempting execute scheme artifice defraud united_states materially good service specific intent defraud excessively profit war military action relief reconstruction activities imposes fine prison term years falsifying concealing covering scheme device material fact making materially false fictitious fraudulent statements making materially false writing document knowing false fictitious fraudulent establishes fine provided act greater million twice gross profits proceeds derived person convicted offense act expands venue rules prosecution offenses act grants extraterritorial federal jurisdiction offenses act subjects property constitutes derived proceeds traceable violation act civil criminal forfeiture makes war profiteering fraud offenses set forth act predicate crimes racketeering money laundering offenses


Summary: Commission on Wartime Contracting Establishment Act - Establishes the Commission on Wartime Contracting to investigate and report to Congress on federal agency contracting for: (1) the reconstruction of Iraq and Afghanistan; and (2) the logistical support of coalition forces and the performance of security and intelligence functions in Operation Iraqi Freedom and Operation Enduring Freedom. Includes contracts entered into and/or performed in both in the United States and abroad.Requires the Commission to assess: (1) the extent and impact of reliance on contractors; (2) the extent of waste, fraud, abuse, or mismanagement under such contracts and the extent to which those responsible have been held accountable; and (3) the appropriateness of the organizational structure, policies, and practices of the Department of Defense and the Department of State for handling contingency contract management and support. Requires the Special Inspector General for Iraq Reconstruction to conduct audits to identify potential waste, fraud, abuse, or mismanagement in the performance of: (1) Department of Defense contracts for the logistical support of coalition forces in such Operations; and (2) federal contracts for the performance of security, intelligence, and reconstruction functions in such Operations. Prohibits the termination of the Office of such Special Inspector General until 60 days after the Commission's final report. Reaffirms the Special Inspector General's duties and responsibilities.

commission wartime contracting establishment act establishes commission wartime contracting investigate report congress federal agency contracting reconstruction iraq afghanistan logistical support coalition forces performance security intelligence functions operation iraqi freedom operation enduring freedom includes contracts entered performed united_states abroad requires commission assess extent impact reliance contractors extent waste fraud abuse mismanagement contracts extent responsible held accountable appropriateness organizational structure policies practices department_of_defense department_of_state handling contingency contract management support requires special inspector general iraq reconstruction conduct audits identify potential waste fraud abuse mismanagement performance department_of_defense contracts logistical support coalition forces operations federal contracts performance security intelligence reconstruction functions operations prohibits termination office special inspector general days commission final report reaffirms special inspector general duties responsibilities


Summary: Directs the Secretary of Defense to require that, before the deployment of any member of the Armed Forces, the member shall be provided training in the management of defense contracts and contractors. Requires specified additional training for members with direct responsibility for decisions regarding contracting.

directs secretary defense require deployment member armed_forces member shall provided training management defense contracts contractors requires specified additional training members direct responsibility decisions contracting