{"@context":"https://schema.org","@type":"Legislation","name":"Setting Every Community Up for Retirement Enhancement Act of 2019","description":"

Setting Every Community Up for Retirement Enhancement Act of 2019

This bill modifies the requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts.

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

automatic enrollment and nonelective contributions;
tax credits for small employers that establish certain plans;
loans;
lifetime income options;
the treatment of custodial accounts upon termination of section 403(b) plans;
retirement income accounts for church-controlled organizations;
the eligibility rules for certain long-term, part-time employees;
required minimum distributions;
nondiscrimination rules; and
minimum funding standards for community newspaper plans.

The bill also includes provisions that

treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an IRA,
repeal the maximum age for traditional IRA contributions,
treat difficulty of care payments as compensation for determining contribution limits for retirement accounts,
allow penalty-free withdrawals from retirement plans if a child is born or adopted,
expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used,
reinstate and increase the tax exclusion for certain benefits provided to volunteer firefighters and emergency medical responders,
increase penalties for failing to file tax returns, and
require the Internal Revenue Service to share tax information with U.S. Customs Border Protection to administer the heavy vehicle use tax.

","legislationIdentifier":"HR 1994","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Richard E. Neal","url":"https://legisdaily.com/mp/richarde-neal-us"}],"about":{"@type":"Thing","name":"Taxation"},"keywords":"Administrative law and regulatory procedures, Adoption and foster care, Aging, Bank accounts, deposits, capital, Department of Labor, Elementary and secondary education, Emergency medical services and trauma care, Employee benefits and pensions, Financial services and investments, Fires, First responders and emergency personnel, Government information and archives, Health personnel, Higher education, Income tax credits, Income tax deductions, Income tax deferral, Income tax exclusion, Income tax rates, Interest, dividends, interest rates, News media and reporting, Sales and excise taxes, Small business, Social work, volunteer service, charitable organizations, State and local government operations, Student aid and college costs, Tax administration and collection, taxpayers, Tax-exempt organizations, Tax treatment of families, Temporary and part-time employment, Wages and earnings","dateModified":"2025-04-23T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-116-HR-1994"}

Richard E. Neal

Richard E. Neal

Ways and Means Committee, Education and Workforce Committee