Smaller Sequel to SECURE Act Re-Introduced in Senate
Senator Charles Grassley (R-IA), along with co-sponsors Maggie Hassan (D-NH) and James Lankford (R-OK), have re-introduced the Improving Access to Retirement Savings Act. The bill was originally introduced late in the last session of Congress and contains the following provisions.
- Expands access to multiple employer plan (MEP) arrangements by allowing 403(b) plans of tax-exempt organizations to participate
- Clarifies that eligibility for the small employer pension plan start-up credit for small employers joining a MEP is predicated on the first three years of participation in the MEP, irrespective of how long the MEP has been in existence
- Provides a 9½-month safe harbor for correction of employee elective deferral failures in an automatic contribution arrangement
- Allows retroactive amendments until the employer tax return due date plus extensions that increase certain benefit accruals for the preceding plan year
These provisions were included in a larger bill, Securing a Strong Retirement Act or SSRA, that was approved by the House Ways and Means Committee earlier this month.