arrow_back Back to App

Retirement Plan Simplification: New Family Attribution Rules

This act changes how family ownership attribution rules apply to retirement plans. The goal is to simplify regulations for businesses and individuals with interests in various entities, especially for those in community property states. These changes could make it easier to comply with retirement plan requirements.
Key points
Community property laws will be disregarded when determining ownership for retirement plan purposes, potentially simplifying matters for married couples.
Rules for attributing ownership between spouses and to children will be modified to prevent unintended grouping of companies into a single controlled group, which may reduce administrative burdens.
Businesses that become part of a new controlled group or cease to be part of one due to these changes will have time to adjust their retirement plans.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_5125
Sponsor: Sen. Kelly, Mark [D-AZ]
Process start date: 2022-11-17
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Family Attribution Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5125.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-11-17.

What are the main provisions?

Key points include:

  • Community property laws will be disregarded when determining ownership for retirement plan purposes, potentially simplifying matters for married couples.
  • Rules for attributing ownership between spouses and to children will be modified to prevent unintended grouping of companies into a single controlled group, which may reduce administrative burdens.
  • Businesses that become part of a new controlled group or cease to be part of one due to these changes will have time to adjust their retirement plans.
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 Sen. Kelly, Mark [D-AZ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Family Labor