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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.
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Status:
Expired
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Additional Information
Print number: 117_S_5125
Sponsor: Sen. Kelly, Mark [D-AZ]
Process start date: 2022-11-17
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

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