H.R. 2954: Securing a Strong Retirement Act of 2022

Bill · 117th Congress (2021–2022). Passed House, 29 Mar 2022. Introduced 4 May 2021.

Official title: To increase retirement savings, simplify and clarify retirement plan rules, and for other purposes.

Vote results

House, 29 Mar 2022: Passed, 414 Yea, 5 Nay, 0 Present, 12 Not voting. The House’s roll call
President: Not presented to the President.

How each member voted

House

Yea (414): Harold Rogers (R-KY-5); Christopher H. Smith (R-NJ-4); Steny H. Hoyer (D-MD-5); Marcy Kaptur (D-OH-9); Peter A. DeFazio (D-OR-4); Fred Upton (R-MI-6); Frank Pallone, Jr. (D-NJ-6); Richard E. Neal (D-MA-1); David E. Price (D-NC-4); Jim Cooper (D-TN-5); Rosa L. DeLauro (D-CT-3); Maxine Waters (D-CA-43); Jerrold Nadler (D-NY-10); Sanford D. Bishop, Jr. (D-GA-2); James E. Clyburn (D-SC-6); Anna G. Eshoo (D-CA-18); Eddie Bernice Johnson (D-TX-30); Carolyn B. Maloney (D-NY-12); Lucille Roybal-Allard (D-CA-40); Bobby L. Rush (D-IL-1); Robert C. "Bobby" Scott (D-VA-3); Nydia M. Velázquez (D-NY-7); Bennie G. Thompson (D-MS-2); Frank D. Lucas (R-OK-3); Lloyd Doggett (D-TX-35); Sheila Jackson Lee (D-TX-18); Zoe Lofgren (D-CA-19); Earl Blumenauer (D-OR-3); Steve Chabot (R-OH-1); Robert B. Aderholt (R-AL-4); Kevin Brady (R-TX-8); Danny K. Davis (D-IL-7); Diana DeGette (D-CO-1); Kay Granger (R-TX-12); Ron Kind (D-WI-3); James P. McGovern (D-MA-2); Bill Pascrell, Jr. (D-NJ-9); Brad Sherman (D-CA-30); Adam Smith (D-WA-9); Gregory W. Meeks (D-NY-5); Barbara Lee (D-CA-13); John B. Larson (D-CT-1); Grace F. Napolitano (D-CA-32); Janice D. Schakowsky (D-IL-9); Michael K. Simpson (R-ID-2); Mike Thompson (D-CA-5); Pete Sessions (R-TX-17); Sam Graves (R-MO-6); James R. Langevin (D-RI-2); Rick Larsen (D-WA-2); Betty McCollum (D-MN-4); Adam B. Schiff (D-CA-28); Stephen F. Lynch (D-MA-8); Joe Wilson (R-SC-2); Michael C. Burgess (R-TX-26); John R. Carter (R-TX-31); Tom Cole (R-OK-4); Mario Diaz-Balart (R-FL-25); Raúl M. Grijalva (D-AZ-3); Mike Rogers (R-AL-3); C. A. Dutch Ruppersberger (D-MD-2); Tim Ryan (D-OH-13); David Scott (D-GA-13); Linda T. Sánchez (D-CA-38); Darrell Issa (R-CA-50); Emanuel Cleaver (D-MO-5); Jim Costa (D-CA-16); Henry Cuellar (D-TX-28); Virginia Foxx (R-NC-5); Louie Gohmert (R-TX-1); Al Green (D-TX-9); Brian Higgins (D-NY-26); Michael T. McCaul (R-TX-10); Patrick T. McHenry (R-NC-10); Cathy McMorris Rodgers (R-WA-5); Gwen Moore (D-WI-4); Debbie Wasserman Schultz (D-FL-23); Doris O. Matsui (D-CA-6); Albio Sires (D-NJ-8); Gus M. Bilirakis (R-FL-12); Vern Buchanan (R-FL-16); Kathy Castor (D-FL-14); Yvette D. Clarke (D-NY-9); Steve Cohen (D-TN-9); Joe Courtney (D-CT-2); Henry C. "Hank" Johnson, Jr. (D-GA-4); Jim Jordan (R-OH-4); Doug Lamborn (R-CO-5); Kevin McCarthy (R-CA-23); Jerry McNerney (D-CA-9); Ed Perlmutter (D-CO-7); John P. Sarbanes (D-MD-3); Adrian Smith (R-NE-3); Peter Welch (D-VT-AL); John A. Yarmuth (D-KY-3); Robert E. Latta (R-OH-5); Robert J. Wittman (R-VA-1); André Carson (D-IN-7); Jackie Speier (D-CA-14); Steve Scalise (R-LA-1); Tim Walberg (R-MI-7); Gerald E. Connolly (D-VA-11); Brett Guthrie (R-KY-2); James A. Himes (D-CT-4); Blaine Luetkemeyer (R-MO-3); Chellie Pingree (D-ME-1); Bill Posey (R-FL-8); Glenn Thompson (R-PA-15); Paul Tonko (D-NY-20); Kurt Schrader (D-OR-5); Mike Quigley (D-IL-5); Judy Chu (D-CA-27); John Garamendi (D-CA-3); Bill Foster (D-IL-11); Karen Bass (D-CA-37); Mo Brooks (R-AL-5); Larry Bucshon (R-IN-8); David N. Cicilline (D-RI-1); Eric A. "Rick" Crawford (R-AR-1); Scott DesJarlais (R-TN-4); Jeff Duncan (R-SC-3); Charles J. "Chuck" Fleischmann (R-TN-3); Bob Gibbs (R-OH-7); Paul A. Gosar (R-AZ-4); H. Morgan Griffith (R-VA-9); Andy Harris (R-MD-1); Vicky Hartzler (R-MO-4); Jaime Herrera Beutler (R-WA-3); Bill Huizenga (R-MI-2); Bill Johnson (R-OH-6); William R. Keating (D-MA-9); Mike Kelly (R-PA-16); Billy Long (R-MO-7); David B. McKinley (R-WV-1); Steven M. Palazzo (R-MS-4); David Schweikert (R-AZ-6); Austin Scott (R-GA-8); Terri A. Sewell (D-AL-7); Daniel Webster (R-FL-11); Frederica S. Wilson (D-FL-24); Steve Womack (R-AR-3); Dina Titus (D-NV-1); Kweisi Mfume (D-MD-7); Mark E. Amodei (R-NV-2); Suzanne Bonamici (D-OR-1); Suzan K. DelBene (D-WA-1); Donald M. Payne, Jr. (D-NJ-10); Andy Barr (R-KY-6); Joyce Beatty (D-OH-3); Ami Bera (D-CA-7); Julia Brownley (D-CA-26); Matt Cartwright (D-PA-8); Joaquin Castro (D-TX-20); Tony Cárdenas (D-CA-29); Rodney Davis (R-IL-13); Lois Frankel (D-FL-21); Richard Hudson (R-NC-8); Jared Huffman (D-CA-2); Hakeem S. Jeffries (D-NY-8); David P. Joyce (R-OH-14); Daniel T. Kildee (D-MI-5); Derek Kilmer (D-WA-6); Ann Kirkpatrick (D-AZ-2); Ann M. Kuster (D-NH-2); Doug LaMalfa (R-CA-1); Alan S. Lowenthal (D-CA-47); Sean Patrick Maloney (D-NY-18); Grace Meng (D-NY-6); Markwayne Mullin (R-OK-2); Scott Perry (R-PA-10); Scott H. Peters (D-CA-52); Mark Pocan (D-WI-2); Tom Rice (R-SC-7); Raul Ruiz (D-CA-36); Chris Stewart (R-UT-2); Eric Swalwell (D-CA-15); Mark Takano (D-CA-41); Juan Vargas (D-CA-51); Marc A. Veasey (D-TX-33); Ann Wagner (R-MO-2); Randy K. Weber, Sr. (R-TX-14); Brad R. Wenstrup (R-OH-2); Roger Williams (R-TX-25); Robin L. Kelly (D-IL-2); Jason Smith (R-MO-8); Katherine M. Clark (D-MA-5); Alma S. Adams (D-NC-12); Donald Norcross (D-NJ-1); Pete Aguilar (D-CA-31); Rick W. Allen (R-GA-12); Brian Babin (R-TX-36); Donald S. Beyer, Jr. (D-VA-8); Mike Bost (R-IL-12); Brendan F. Boyle (D-PA-2); Ken Buck (R-CO-4); Earl L. "Buddy" Carter (R-GA-1); Ed Case (D-HI-1); Mark DeSaulnier (D-CA-11); Debbie Dingell (D-MI-12); Tom Emmer (R-MN-6); Ruben Gallego (D-AZ-7); Garret Graves (R-LA-6); Glenn Grothman (R-WI-6); Jody B. Hice (R-GA-10); J. French Hill (R-AR-2); John Katko (R-NY-24); Brenda L. Lawrence (D-MI-14); Ted Lieu (D-CA-33); Barry Loudermilk (R-GA-11); John R. Moolenaar (R-MI-4); Alexander X. Mooney (R-WV-2); Seth Moulton (D-MA-6); Dan Newhouse (R-WA-4); Gary J. Palmer (R-AL-6); Kathleen M. Rice (D-NY-4); David Rouzer (R-NC-7); Elise M. Stefanik (R-NY-21); Bonnie Watson Coleman (D-NJ-12); Bruce Westerman (R-AR-4); Lee M. Zeldin (R-NY-1); Bradley Scott Schneider (D-IL-10); David G. Valadao (R-CA-21); Trent Kelly (R-MS-1); Darin LaHood (R-IL-18); Warren Davidson (R-OH-8); James Comer (R-KY-1); Dwight Evans (D-PA-3); Jodey C. Arrington (R-TX-19); Don Bacon (R-NE-2); Jim Banks (R-IN-3); Nanette Diaz Barragán (D-CA-44); Jack Bergman (R-MI-1); Lisa Blunt Rochester (D-DE-AL); Anthony G. Brown (D-MD-4); Ted Budd (R-NC-13); Salud O. Carbajal (D-CA-24); J. Luis Correa (D-CA-46); Val Butler Demings (D-FL-10); Neal P. Dunn (R-FL-2); Adriano Espaillat (D-NY-13); A. Drew Ferguson IV (R-GA-3); Brian K. Fitzpatrick (R-PA-1); Matt Gaetz (R-FL-1); Mike Gallagher (R-WI-8); Vicente Gonzalez (D-TX-15); Clay Higgins (R-LA-3); Trey Hollingsworth (R-IN-9); Steven Horsford (D-NV-4); Pramila Jayapal (D-WA-7); Mike Johnson (R-LA-4); Raja Krishnamoorthi (D-IL-8); David Kustoff (R-TN-8); Al Lawson, Jr. (D-FL-5); Brian J. Mast (R-FL-18); Stephanie N. Murphy (D-FL-7); Tom O’Halleran (D-AZ-1); Jimmy Panetta (D-CA-20); Jamie Raskin (D-MD-8); John H. Rutherford (R-FL-4); Lloyd Smucker (R-PA-11); Darren Soto (D-FL-9); Thomas R. Suozzi (D-NY-3); Ron Estes (R-KS-4); Ralph Norman (R-SC-5); Jimmy Gomez (D-CA-34); John R. Curtis (R-UT-3); Conor Lamb (D-PA-17); Debbie Lesko (R-AZ-8); Michael Cloud (R-TX-27); Troy Balderson (R-OH-12); Kevin Hern (R-OK-1); Joseph D. Morelle (D-NY-25); Mary Gay Scanlon (D-PA-5); Susan Wild (D-PA-7); Colin Z. Allred (D-TX-32); Kelly Armstrong (R-ND-AL); Cynthia Axne (D-IA-3); James R. Baird (R-IN-4); Tim Burchett (R-TN-2); Sean Casten (D-IL-6); Ben Cline (R-VA-6); Angie Craig (D-MN-2); Jason Crow (D-CO-6); Sharice Davids (D-KS-3); Madeleine Dean (D-PA-4); Veronica Escobar (D-TX-16); Lizzie Fletcher (D-TX-7); Russ Fulcher (R-ID-1); Sylvia R. Garcia (D-TX-29); Jesús G. "Chuy" García (D-IL-4); Jared F. Golden (D-ME-2); Anthony Gonzalez (R-OH-16); Lance Gooden (R-TX-5); Mark E. Green (R-TN-7); Michael Guest (R-MS-3); Josh Harder (D-CA-10); Jahana Hayes (D-CT-5); Chrissy Houlahan (D-PA-6); Dusty Johnson (R-SD-AL); John Joyce (R-PA-13); Andy Kim (D-NJ-3); Susie Lee (D-NV-3); Andy Levin (D-MI-9); Mike Levin (D-CA-49); Elaine G. Luria (D-VA-2); Tom Malinowski (D-NJ-7); Lucy McBath (D-GA-6); Daniel Meuser (R-PA-9); Carol D. Miller (R-WV-3); Joe Neguse (D-CO-2); Alexandria Ocasio-Cortez (D-NY-14); Ilhan Omar (D-MN-5); Chris Pappas (D-NH-1); Greg Pence (R-IN-6); Dean Phillips (D-MN-3); Katie Porter (D-CA-45); Ayanna Pressley (D-MA-7); Guy Reschenthaler (R-PA-14); John W. Rose (R-TN-6); Kim Schrier (D-WA-8); Mikie Sherrill (D-NJ-11); Elissa Slotkin (D-MI-8); Abigail Davis Spanberger (D-VA-7); Greg Stanton (D-AZ-9); Pete Stauber (R-MN-8); Bryan Steil (R-WI-1); W. Gregory Steube (R-FL-17); Haley M. Stevens (D-MI-11); Van Taylor (R-TX-3); William R. Timmons IV (R-SC-4); Rashida Tlaib (D-MI-13); Lori Trahan (D-MA-3); Lauren Underwood (D-IL-14); Jefferson Van Drew (R-NJ-2); Michael Waltz (R-FL-6); Jennifer Wexton (D-VA-10); Claudia Tenney (R-NY-22); Fred Keller (R-PA-12); Gregory F. Murphy (R-NC-3); Mike Garcia (R-CA-25); Thomas P. Tiffany (R-WI-7); Chris Jacobs (R-NY-27); Jake Auchincloss (D-MA-4); Stephanie I. Bice (R-OK-5); Lauren Boebert (R-CO-3); Carolyn Bourdeaux (D-GA-7); Jamaal Bowman (D-NY-16); Cori Bush (D-MO-1); Kat Cammack (R-FL-3); Jerry L. Carl (R-AL-1); Madison Cawthorn (R-NC-11); Andrew S. Clyde (R-GA-9); Byron Donalds (R-FL-19); Pat Fallon (R-TX-4); Randy Feenstra (R-IA-4); Michelle Fischbach (R-MN-7); Scott Fitzgerald (R-WI-5); Scott Franklin (R-FL-15); Andrew R. Garbarino (R-NY-2); Carlos A. Gimenez (R-FL-26); Tony Gonzales (R-TX-23); Bob Good (R-VA-5); Marjorie Taylor Greene (R-GA-14); Diana Harshbarger (R-TN-1); Yvette Herrell (R-NM-2); Ashley Hinson (R-IA-1); Ronny Jackson (R-TX-13); Sara Jacobs (D-CA-53); Mondaire Jones (D-NY-17); Kaiali’i Kahele (D-HI-2); Young Kim (R-CA-39); Jake LaTurner (R-KS-2); Teresa Leger Fernandez (D-NM-3); Nancy Mace (R-SC-1); Nicole Malliotakis (R-NY-11); Tracey Mann (R-KS-1); Kathy E. Manning (D-NC-6); Lisa C. McClain (R-MI-10); Peter Meijer (R-MI-3); Mary E. Miller (R-IL-15); Mariannette Miller-Meeks (R-IA-2); Barry Moore (R-AL-2); Blake D. Moore (R-UT-1); Frank J. Mrvan (D-IN-1); Troy E. Nehls (R-TX-22); Marie Newman (D-IL-3); Jay Obernolte (R-CA-8); Burgess Owens (R-UT-4); August Pfluger (R-TX-11); Matthew M. Rosendale, Sr. (R-MT-AL); Deborah K. Ross (D-NC-2); Maria Elvira Salazar (R-FL-27); Victoria Spartz (R-IN-5); Michelle Steel (R-CA-48); Marilyn Strickland (D-WA-10); Ritchie Torres (D-NY-15); Beth Van Duyne (R-TX-24); Nikema Williams (D-GA-5); Julia Letlow (R-LA-5); Troy A. Carter (D-LA-2); Melanie A. Stansbury (D-NM-1); Jake Ellzey (R-TX-6); Shontel M. Brown (D-OH-11); Mike Carey (R-OH-15); Sheila Cherfilus-McCormick (D-FL-20); Michael F. Doyle (D-PA-18); G. K. Butterfield (D-NC-1); Theodore E. Deutch (D-FL-22); Tom Reed (R-NY-23); Jackie Walorski (R-IN-2); Filemon Vela (D-TX-34); A. Donald McEachin (D-VA-4); Charlie Crist (D-FL-13); Antonio Delgado (D-NY-19).

Nay (5): Tom McClintock (R-CA-4); Thomas Massie (R-KY-4); Andy Biggs (R-AZ-5); Chip Roy (R-TX-21); Dan Bishop (R-NC-9).

Not voting (12): Ken Calvert (R-CA-42); Michael R. Turner (R-OH-10); Adam Kinzinger (R-IL-16); Cheri Bustos (D-IL-17); Norma J. Torres (D-CA-35); Liz Cheney (R-WY-AL); Josh Gottheimer (D-NJ-5); Ro Khanna (D-CA-17); Dan Crenshaw (R-TX-2); David J. Trone (D-MD-6); Cliff Bentz (R-OR-2); Jeff Fortenberry (R-NE-1).

Speaker, not listed (1): Nancy Pelosi (D-CA-12).

Not in office (17): Connie Conway (R-CA-22); Mayra Flores (R-TX-34); Mike Flood (R-NE-1); Brad Finstad (R-MN-1); Mary Sattler Peltola (D-AK-AL); Patrick Ryan (D-NY-19); Joseph Sempolinski (R-NY-23); Rudy Yakym III (R-IN-2); Don Young (R-AK-AL); Alcee L. Hastings (D-FL-20); Devin Nunes (R-CA-22); Marcia L. Fudge (D-OH-11); Steve Stivers (R-OH-15); Cedric L. Richmond (D-LA-2); Jim Hagedorn (R-MN-1); Debra A. Haaland (D-NM-1); Ron Wright (R-TX-6).

Summary

Main subject: Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 to change rules for employer-sponsored retirement plans, individual retirement accounts, and related tax credits, distributions, and plan administration. Title I, Title II, Title III, Title VI

Its core areas: Automatic enrollment in 401(k) and 403(b) plans; Tax credits for small employer retirement plans and the Saver's Credit; Required minimum distribution ages and excise tax; Catch-up contribution limits; Penalty-free and hardship withdrawals from retirement plans; Annuities and longevity annuity contracts; Retirement plan correction, overpayment recovery, and disclosure rules; Roth treatment of contributions.

Unexpected Items: 25 provisions

These provisions fall outside the bill’s main subject or apply narrowly. This describes the text; it is not a judgment.

Not related to the bill’s main subject (18)

Sec. 109: Pooled employer plans modification: Changes the ERISA definition of a pooled employer plan to require a named fiduciary, other than a participating employer, to collect contributions under written procedures.
Sec. 110: Multiple employer 403(b) plans: Allows 403(b) annuity contracts to be purchased under plans maintained by more than one employer, excludes church plans from this rule, and adds related filing, ERISA and model-plan provisions.
Sec. 111: Treatment of student loan payments as elective deferrals for purposes of matching contributions: Lets employers treat qualified student loan payments by employees as elective deferrals for purposes of employer matching contributions in 401(k), 403(b), 457(b) and SIMPLE plans.
Sec. 116: Improving coverage for part-time workers: Limits the service period a 401(k) or 403(b) plan may require of part-time employees before participation to two consecutive 12-month periods of at least 500 hours, with related vesting and testing rules.
Sec. 117: Deferral of tax for certain sales of employer stock to employee stock ownership plan sponsored by S corporation: Extends deferral of tax on gain from sales of employer stock to employee stock ownership plans to S corporation stock, limited to 10 percent of the amount realized, for sales after December 31, 2027.
Sec. 118: Certain securities treated as publicly traded in case of employee stock ownership plans: Treats certain employer securities held by employee stock ownership plans as publicly traded if they meet listed quotation, float, auditing and issuer criteria.
Sec. 203: Insurance-dedicated exchange-traded funds: Directs the Treasury to amend diversification regulations within 7 years so exchange-traded funds can be investment options under variable contracts, and defines authorized participants and market makers.
Sec. 306: Retirement savings lost and found: Directs the Department of Labor to create an online searchable database for locating plan administrators and requires plan administrators to submit participant and plan information to it.
Sec. 307: Updating dollar limit for mandatory distributions: Raises the dollar limit for mandatory plan distributions from $5,000 to $7,000 in ERISA and the Internal Revenue Code, for distributions after December 31, 2022.
Sec. 309: Eliminate the first day of the month requirement for governmental section 457(b) plans: Rewrites the 457(b) deferral-agreement timing rule so governmental employers may defer compensation under an agreement made before the compensation is available, while other employers keep the start-of-month rule.
Sec. 310: One-time election for qualified charitable distribution to split-interest entity; increase in qualified charitable distribution limitation: Allows a one-time election to treat IRA distributions made directly to certain split-interest charitable entities as qualified charitable distributions, up to $50,000, with inflation adjustment. ($50,000)
Sec. 312: Exclusion of certain disability-related first responder retirement payments: Excludes from gross income certain retirement pension or annuity payments to law enforcement officers, firefighters, paramedics and emergency medical technicians, up to an annualized disability amount, for taxable years after 2027.
Sec. 315: Separate application of top heavy rules to defined contribution plans covering excludible employees: Lets employers exclude employees who do not meet age or service requirements from top-heavy rule testing if they are covered under a separate plan that meets the requirements.
Sec. 319: Reform of family attribution rules: Changes how family stock ownership is attributed when deciding whether companies form a controlled group or affiliated service group, including disregarding community property laws.
Sec. 322: Limiting cessation of IRA treatment to portion of account involved in a prohibited transaction: Provides that when an IRA owner engages in a prohibited transaction, only the amount involved is treated as distributed, rather than the whole account ceasing to be an IRA.
Sec. 323: Review of pension risk transfer interpretive bulletin: Requires the Secretary of Labor, within 1 year, to review a pension risk transfer interpretive bulletin on selecting an annuity provider and report findings to Congress.
Sec. 701: Determination of budgetary effects: Directs that the budgetary effects of the Act under the Statutory Pay-As-You-Go Act of 2010 be determined by the latest PAYGO statement printed in the Congressional Record by the House Budget Committee Chairman.
Sec. 303: Performance benchmarks for asset allocation funds: Directs the Secretary of Labor to allow plan administrators to use a blended index benchmark for investment alternatives holding a mix of asset classes, and to report on its use.

Applies only to a specific place or group (1)

Sec. 321: Retroactive first year elective deferrals for sole proprietors: Lets a sole proprietor with no other employees treat elective deferrals made before the tax return filing date as made in the plan's first plan year.

Different amount for specific places or groups (1)

Sec. 113: Military spouse retirement plan eligibility credit for small employers: Creates a business tax credit for eligible small employers of $250 per military spouse employee eligible for a defined contribution plan, plus employer contributions up to $250 for that employee, for up to three taxable years. ($250)

Exception or delay for a subset (3)

Sec. 101: Expanding automatic enrollment in retirement plans: Adds an automatic enrollment requirement for 401(k) and 403(b) arrangements, with exceptions for plans established before enactment, governmental and church plans, businesses in existence under 3 years, and employers with 10 or fewer employees.
Sec. 311: Distributions to firefighters: Extends the exception to the additional tax on early distributions to certain plan distributions made to employees who provide firefighting services.
Sec. 501: Provisions relating to plan amendments: Sets a later plan amendment deadline, 2026 instead of 2024, for governmental plans and collectively bargained plans.

Changes a government process (2)

Sec. 313: Individual retirement plan statute of limitations for excise tax on excess contributions and certain accumulations: Specifies which income tax return starts the statute of limitations for excise taxes on excess IRA contributions and certain accumulations, including for people not required to file a return.
Sec. 320: Amendments to increase benefit accruals under plan for previous plan year allowed until employer tax return due date: Lets an employer treat a plan amendment that increases accrued benefits as adopted on the last day of the prior plan year, if adopted before the employer's tax return due date.

What it does

Sec. 101: Provides that a new 401(k) or 403(b) arrangement must automatically enroll employees at a contribution rate of not less than 3 percent and not more than 10 percent, with annual 1 percentage point increases, with listed exceptions such as plans established before enactment.
Sec. 102: Increases the small employer pension plan startup credit percentage from 50 percent to 100 percent for employers with up to 50 employees, and adds a credit for employer contributions of up to $1,000 per employee.
Sec. 104: Replaces the Saver's Credit rate with a 50 percent rate and sets adjusted gross income phaseouts, with a $48,000 threshold for joint returns, for taxable years beginning after December 31, 2026.
Sec. 106: Raises the age for required beginning of mandatory distributions from 72 to 73, then 74, then 75, depending on when an individual attains the listed ages.
Sec. 108: Allows a higher catch-up contribution limit of $10,000 ($5,000 for simple plans) for participants who would attain age 62, but not age 65, in the taxable year, and indexes the IRA catch-up amount.
Sec. 111: Allows employer matching contributions on an employee's qualified student loan payments to be treated like matching contributions on elective deferrals.
Sec. 301: Sets rules for plans seeking or not seeking to recover inadvertent benefit overpayments, including limits on recoupment from participants and beneficiaries.
Sec. 302: Reduces the excise tax on certain accumulations in qualified retirement plans from 50 percent to 25 percent, and to 10 percent if corrected within a correction window.
Sec. 307: Raises the dollar limit for mandatory distributions from $5,000 to $7,000.
Sec. 318: Allows distributions of up to the lesser of $10,000 or 50 percent of the nonforfeitable accrued benefit without the early distribution additional tax for victims of domestic abuse by a spouse or domestic partner.

Written automatically from the official text by Claude Sonnet 5.5, an AI model. Written 15 Oct 2026 and published after the automatic checks, without a person reading it first. Every line names the section it came from.