To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to improve rules relating to retirement plans.
Savings for All Vocations Enhancement Act of 2021 or the SAVE Act of 2021
This bill modifies provisions relating to tax-exempt retirement plans. It (1) allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan, (2) allows employers who join an existing pension plan to take the tax credit for small employer pension plans start-up costs, (3) makes certain findings relating to S corporation employee stock ownership plans (ESOPs), (4) reduces the excise tax on certain accumulations in tax-exempt retirement plans and on failures to take required minimum plan distributions, and (5) sets forth a statute of limitations rule for purposes of the excise tax on excess plan contributions and accumulations in connection with an individual retirement plan.
Received in the Senate and Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
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