Amends the Internal Revenue Code to permit a tax-exempt employee benefit contribution plan to include an employer retirement savings account arrangement. Sets forth requirements for such an arrangement, including rules relating to: (1) employer contributions; (2) restrictions on distributions and length of service; (3) nonforfeitability; (4) nondiscrimination standards; (5) matching contributions; (6) notice requirements; (7) withdrawal and vesting restrictions; (8) excess contributions; (9) distributions upon termination of a plan; and (10) small employers.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2246)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2250-2252)
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