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Retirement Plan Improvements and Penalty Reductions

This act aims to simplify the creation and management of multi-employer retirement plans, potentially increasing access to retirement savings. It also reduces penalties for errors in individual retirement plan distributions, allowing more time for corrections.
Key points
Allows for the creation of multiple employer 403(b) plans, potentially making it easier for small businesses to offer retirement benefits.
Reduces the penalty for insufficient distributions from individual retirement plans (e.g., IRAs) from 50% to 25%, and to 10% if corrected promptly.
Establishes clear rules for the statute of limitations on penalties related to excess contributions or incorrect distributions from individual retirement plans.
Highlights the importance and benefits of S corporation Employee Stock Ownership Plans (ESOPs), promoting employee ownership.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_2927
Sponsor: Rep. Kind, Ron [D-WI-3]
Process start date: 2021-04-30
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SAVE Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2927.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-30.

What are the main provisions?

Key points include:

  • Allows for the creation of multiple employer 403(b) plans, potentially making it easier for small businesses to offer retirement benefits.
  • Reduces the penalty for insufficient distributions from individual retirement plans (e.g., IRAs) from 50% to 25%, and to 10% if corrected promptly.
  • Establishes clear rules for the statute of limitations on penalties related to excess contributions or incorrect distributions from individual retirement plans.
  • Highlights the importance and benefits of S corporation Employee Stock Ownership Plans (ESOPs), promoting employee ownership.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Kind, Ron [D-WI-3].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

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