SAVE Act of 2017
Latest action. Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdictionA court's legal authority to hear a case: over the subject matter, the parties, and the territory.Read the full definition (opens a new tab) of the committee concerned.
Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 201 7
This bill amends the Internal Revenue Code to modify the requirements for employer-established individual retirement accounts (IRAs) and pension plans.
With respect to SIMPLE (Savings Incentive Match Plan for Employees) IRAs, the bill:
repeals restrictions on rollovers to retirement plans,
allows employers to terminate the plan at any time during the year,
repeals the increased penalty on early distributions, and
allows additional contributions.
The bill also:
establishes automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 for the preceding year,
establishes secure deferral arrangements for automatically enrolling employees at a rate of at least 6% of pay with annual increases and specified matching contributions,
allows small employers a tax credit for the cost of adopting safe harbor requirements for automatic contribution arrangements,
allows unused benefits in a flexible spending arrangement to be transferred to a retirement or deferred compensation plan,
increases the tax credit for small employer pension plan startup costs, and
establishes multiple small employer retirement plans that provide for automatic employee contributions.
The Department of the Treasury must: (1) modify requirements for the timing of notices to participants in automatic contribution pension plans, and (2) develop specified financial educational materials.
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 December 13, 2017. 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 December 13, 2017: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 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 115th Congress (2017-18), 442 of the 11,421 bills and joint resolutions introduced became law, about 3.9 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 December 13, 2017, 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 December 13, 2017, 3193 days ago. The most recent recorded action was 3193 days ago, on December 13, 2017.
Measures do not carry over. Anything the 115th Congress has not finished by January 3, 2019 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