SAVE Act of 2015
Latest action. Referred to the subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Health, Employment, Labor, and Pensions.
Small Businesses Add Value for Employees Act of 2015 or the SAVE Act of 2015
This bill amends the Internal Revenue Code, with respect to employer-established simple individual retirement accounts (IRAs) and pension plans, to:
repeal restrictions on rollovers from simple IRAs to qualified retirement plans;
allow employers to elect to terminate simple IRAs at any time during the year;
repeal the increased 25% penalty on premature distributions from simple IRAs within the first two plan years;
allow additional nonelective employer contributions to simple IRAs not exceeding 10% of compensation;
establish automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 in a preceding year;
establish secure deferral arrangements for automatically enrolling employees at 6% of pay with annual increases;
allow small employers a new tax credit for the cost of adopting safe harbor requirements for secure deferral arrangements;
allow a transfer of unused benefits in a flexible spending arrangement to a qualified retirement or eligible deferred compensation plan;
increase the tax credit for small employer pension plan startup costs; and
establish multiple small employer retirement plans that provide for automatic employee contributions.
The bill requires: (1) the Department of the Treasury to promulgate regulations regarding the timing of notices to participants in automatic contribution pension plans; (2) the Office of Financial Education of Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans; (3) Treasury and the Department of Labor to develop recommendations for small businesses to improve retirement outcomes; and (4) Treasury, in consultation with the Department of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on November 18, 2015. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on March 23, 2016: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
RON KIND (D-WI) introduced it on November 18, 2015, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on November 18, 2015, 3949 days ago. The most recent recorded action was 3823 days ago, on March 23, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers