SECURE Act Section 101

3

DIVISION O—SETTING EVERY
COMMUNITY UP FOR RETIREMENT ENHANCEMENT

4

SEC. 1. SHORT TITLE, ETC.

1
2

5

(a) SHORT TITLE.—This Act may be cited as the

6 ‘‘Setting Every Community Up for Retirement Enhance7 ment Act of 2019’’.
8

(b) TABLE

OF

CONTENTS.—The table of contents of

9 this Act is as follows:
Sec. 1. Short title, etc.
TITLE I—EXPANDING AND PRESERVING RETIREMENT SAVINGS
Sec. 101. Multiple employer plans; pooled employer plans.
Sec. 102. Increase in 10 percent cap for automatic enrollment safe harbor after
1st plan year.
Sec. 103. Rules relating to election of safe harbor 401(k) status.
Sec. 104. Increase in credit limitation for small employer pension plan startup
costs.
Sec. 105. Small employer automatic enrollment credit.
Sec. 106. Certain taxable non-tuition fellowship and stipend payments treated
as compensation for IRA purposes.
Sec. 107. Repeal of maximum age for traditional IRA contributions.
Sec. 108. Qualified employer plans prohibited from making loans through credit
cards and other similar arrangements.
Sec. 109. Portability of lifetime income options.
Sec. 110. Treatment of custodial accounts on termination of section 403(b)
plans.
Sec. 111. Clarification of retirement income account rules relating to churchcontrolled organizations.
Sec. 112. Qualified cash or deferred arrangements must allow long-term employees working more than 500 but less than 1,000 hours per
year to participate.
Sec. 113. Penalty-free withdrawals from retirement plans for individuals in case
of birth of child or adoption.
Sec. 114. Increase in age for required beginning date for mandatory distributions.
Sec. 115. Special rules for minimum funding standards for community newspaper plans.
Sec. 116. Treating excluded difficulty of care payments as compensation for determining retirement contribution limitations.
TITLE II—ADMINISTRATIVE IMPROVEMENTS

Sec. 201. Plan adopted by filing due date for year may be treated as in effect
as of close of year.
Sec. 202. Combined annual report for group of plans.
Sec. 203. Disclosure regarding lifetime income.
Sec. 204. Fiduciary safe harbor for selection of lifetime income provider.
Sec. 205. Modification of nondiscrimination rules to protect older, longer service participants.
Sec. 206. Modification of PBGC premiums for CSEC plans.
TITLE III—OTHER BENEFITS
Sec. 301. Benefits provided to volunteer firefighters and emergency medical responders.
Sec. 302. Expansion of section 529 plans.
TITLE IV—REVENUE PROVISIONS
Sec. 401. Modification of required distribution rules for designated beneficiaries.
Sec. 402. Increase in penalty for failure to file.
Sec. 403. Increased penalties for failure to file retirement plan returns.
Sec. 404. Increase information sharing to administer excise taxes.
TITLE V—TAX RELIEF FOR CERTAIN CHILDREN
Sec. 501. Modification of rules relating to the taxation of unearned income of
certain children.
TITLE VI—ADMINISTRATIVE PROVISIONS
Sec. 601. Provisions relating to plan amendments.

3

TITLE I—EXPANDING AND PRESERVING RETIREMENT SAVINGS

4

SEC. 101. MULTIPLE EMPLOYER PLANS; POOLED EM-

1
2

5
6
7

PLOYER PLANS.

(a) QUALIFICATION REQUIREMENTS.—
(1) IN GENERAL.—Section 413 of the Internal

8

Revenue Code of 1986 is amended by adding at the

9

end the following new subsection:

10
11

‘‘(e) APPLICATION
MENTS FOR

OF

QUALIFICATION REQUIRE-

CERTAIN MULTIPLE EMPLOYER PLANS WITH

12 POOLED PLAN PROVIDERS.—

1

‘‘(1) IN

GENERAL.—Except

as provided in para-

2

graph (2), if a defined contribution plan to which

3

subsection (c) applies—

4

‘‘(A) is maintained by employers which

5

have a common interest other than having

6

adopted the plan, or

7

‘‘(B) in the case of a plan not described in

8

subparagraph (A), has a pooled plan provider,

9

then the plan shall not be treated as failing to meet

10

the requirements under this title applicable to a plan

11

described in section 401(a) or to a plan that consists

12

of individual retirement accounts described in sec-

13

tion 408 (including by reason of subsection (c)

14

thereof), whichever is applicable, merely because one

15

or more employers of employees covered by the plan

16

fail to take such actions as are required of such em-

17

ployers for the plan to meet such requirements.

18
19

‘‘(2) LIMITATIONS.—
‘‘(A) IN GENERAL.—Paragraph (1) shall

20

not apply to any plan unless the terms of the

21

plan provide that in the case of any employer

22

in the plan failing to take the actions described

23

in paragraph (1)—

24
25

‘‘(i) the assets of the plan attributable
to employees of such employer (or bene-

1

ficiaries of such employees) will be trans-

2

ferred to a plan maintained only by such

3

employer (or its successor), to an eligible

4

retirement plan as defined in section

5

402(c)(8)(B) for each individual whose ac-

6

count is transferred, or to any other ar-

7

rangement that the Secretary determines is

8

appropriate, unless the Secretary deter-

9

mines it is in the best interests of the em-

10

ployees of such employer (and the bene-

11

ficiaries of such employees) to retain the

12

assets in the plan, and

13

‘‘(ii) such employer (and not the plan

14

with respect to which the failure occurred

15

or any other employer in such plan) shall,

16

except to the extent provided by the Sec-

17

retary, be liable for any liabilities with re-

18

spect to such plan attributable to employ-

19

ees of such employer (or beneficiaries of

20

such employees).

21

‘‘(B) FAILURES BY POOLED PLAN PRO-

22

VIDERS.—If the pooled plan provider of a plan

23

described in paragraph (1)(B) does not perform

24

substantially all of the administrative duties

25

which are required of the provider under para-

1

graph (3)(A)(i) for any plan year, the Secretary

2

may provide that the determination as to

3

whether the plan meets the requirements under

4

this title applicable to a plan described in sec-

5

tion 401(a) or to a plan that consists of indi-

6

vidual retirement accounts described in section

7

408 (including by reason of subsection (c)

8

thereof), whichever is applicable, shall be made

9

in the same manner as would be made without

10

regard to paragraph (1).

11

‘‘(3) POOLED PLAN

PROVIDER.—

12

‘‘(A) IN GENERAL.—For purposes of this

13

subsection, the term ‘pooled plan provider’

14

means, with respect to any plan, a person

15

who—

16

‘‘(i) is designated by the terms of the

17

plan as a named fiduciary (within the

18

meaning of section 402(a)(2) of the Em-

19

ployee Retirement Income Security Act of

20

1974), as the plan administrator, and as

21

the person responsible to perform all ad-

22

ministrative duties (including conducting

23

proper testing with respect to the plan and

24

the employees of each employer in the

1

plan) which are reasonably necessary to

2

ensure that—

3

‘‘(I) the plan meets any require-

4

ment applicable under the Employee

5

Retirement Income Security Act of

6

1974 or this title to a plan described

7

in section 401(a) or to a plan that

8

consists of individual retirement ac-

9

counts described in section 408 (in-

10

cluding by reason of subsection (c)

11

thereof), whichever is applicable, and

12

‘‘(II) each employer in the plan

13

takes such actions as the Secretary or

14

such person determines are necessary

15

for the plan to meet the requirements

16

described in subclause (I), including

17

providing to such person any disclo-

18

sures or other information which the

19

Secretary may require or which such

20

person otherwise determines are nec-

21

essary to administer the plan or to

22

allow the plan to meet such require-

23

ments,

24

‘‘(ii) registers as a pooled plan pro-

25

vider with the Secretary, and provides such

1

other information to the Secretary as the

2

Secretary may require, before beginning

3

operations as a pooled plan provider,

4

‘‘(iii) acknowledges in writing that

5

such person is a named fiduciary (within

6

the meaning of section 402(a)(2) of the

7

Employee Retirement Income Security Act

8

of 1974), and the plan administrator, with

9

respect to the plan, and

10

‘‘(iv) is responsible for ensuring that

11

all persons who handle assets of, or who

12

are fiduciaries of, the plan are bonded in

13

accordance with section 412 of the Em-

14

ployee Retirement Income Security Act of

15

1974.

16

‘‘(B) AUDITS, EXAMINATIONS AND

17

TIGATIONS.—The Secretary may perform

18

dits, examinations, and investigations of pooled

19

plan providers as may be necessary to enforce

20

and carry out the purposes of this subsection.

21

‘‘(C) AGGREGATION RULES.—For purposes

INVES-

au-

22

of this paragraph, in determining whether a

23

person meets the requirements of this para-

24

graph to be a pooled plan provider with respect

25

to any plan, all persons who perform services

1

for the plan and who are treated as a single

2

employer under subsection (b), (c), (m), or (o)

3

of section 414 shall be treated as one person.

4

‘‘(D) TREATMENT OF EMPLOYERS AS PLAN

5

SPONSORS.—Except with respect to the

6

istrative duties of the pooled plan provider de-

7

scribed in subparagraph (A)(i), each employer

8

in a plan which has a pooled plan provider shall

9

be treated as the plan sponsor with respect to

10

the portion of the plan attributable to employ-

11

ees of such employer (or beneficiaries of such

12

employees).

13

‘‘(4) GUIDANCE.—

14

admin-

‘‘(A) IN GENERAL.—The Secretary shall

15

issue such guidance as the Secretary determines

16

appropriate to carry out this subsection, includ-

17

ing guidance—

18

‘‘(i) to identify the administrative du-

19

ties and other actions required to be per-

20

formed by a pooled plan provider under

21

this subsection,

22

‘‘(ii) which describes the procedures to

23

be taken to terminate a plan which fails to

24

meet the requirements to be a plan de-

25

scribed in paragraph (1), including the

U:\2020OMNI\H1865PLT—44.xml

1540
1

proper treatment of, and actions needed to

2

be taken by, any employer in the plan and

3

the assets and liabilities of the plan attrib-

4

utable to employees of such employer (or

5

beneficiaries of such employees), and
‘‘(iii) identifying appropriate cases to

6
7

which the rules of paragraph (2)(A) will

8

apply to employers in the plan failing to

9

take the actions described in paragraph

10

(1).

11

The Secretary shall take into account under

12

clause (iii) whether the failure of an employer

13

or pooled plan provider to provide any disclo-

14

sures or other information, or to take any other

15

action, necessary to administer a plan or to

16

allow a plan to meet requirements applicable to

17

the plan under section 401(a) or 408, whichever

18

is applicable, has continued over a period of

19

time that demonstrates a lack of commitment

20

to compliance.

21

‘‘(B) GOOD FAITH COMPLIANCE WITH LAW
GUIDANCE.—An

employer or pooled

22

BEFORE

23

plan provider shall not be treated as failing to

24

meet a requirement of guidance issued by the

25

Secretary under this paragraph if, before the

December 16, 2019 (3:33 p.m.)

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1541
1

issuance of such guidance, the employer or

2

pooled plan provider complies in good faith with

3

a reasonable interpretation of the provisions of

4

this subsection to which such guidance relates.

5

‘‘(5) MODEL PLAN.—The Secretary shall pub-

6

lish model plan language which meets the require-

7

ments of this subsection and of paragraphs (43) and

8

(44) of section 3 of the Employee Retirement In-

9

come Security Act of 1974 and which may be adopt-

10

ed in order for a plan to be treated as a plan de-

11

scribed in paragraph (1)(B).’’.

12

(2)

CONFORMING

AMENDMENT.—Section

13

413(c)(2) of such Code is amended by striking ‘‘sec-

14

tion 401(a)’’ and inserting ‘‘sections 401(a) and

15

408(c)’’.

16

(3) TECHNICAL AMENDMENT.—Section 408(c)

17

of such Code is amended by inserting after para-

18

graph (2) the following new paragraph:

19

‘‘(3) There is a separate accounting for any in-

20

terest of an employee or member (or spouse of an

21

employee or member) in a Roth IRA.’’.

22

(b) NO COMMON INTEREST REQUIRED FOR POOLED

23 EMPLOYER PLANS.—Section 3(2) of the Employee Retire24 ment Income Security Act of 1974 (29 U.S.C. 1002(2))
25 is amended by adding at the end the following:

December 16, 2019 (3:33 p.m.)

U:\2020OMNI\H1865PLT—44.xml

1542
‘‘(C) A pooled employer plan shall be treat-

1

ed as—

2

‘‘(i) a single employee pension benefit

3

plan or single pension plan; and

4

‘‘(ii) a plan to which section 210(a)

5

applies.’’.

6

(c) POOLED EMPLOYER PLAN

7
8

AND

PROVIDER DE-

FINED.—

9

(1) IN GENERAL.—Section 3 of the Employee

10

Retirement Income Security Act of 1974 (29 U.S.C.

11

1002) is amended by adding at the end the fol-

12

lowing:

13
14
15

‘‘(43) POOLED EMPLOYER

PLAN.—

‘‘(A) IN GENERAL.—The term ‘pooled employer plan’ means a plan—

16

‘‘(i) which is an individual account

17

plan established or maintained for the pur-

18

pose of providing benefits to the employees

19

of 2 or more employers;

20

‘‘(ii) which is a plan described in sec-

21

tion 401(a) of the Internal Revenue Code

22

of 1986 which includes a trust exempt

23

from tax under section 501(a) of such

24

Code or a plan that consists of individual

25

retirement accounts described in section

December 16, 2019 (3:33 p.m.)

U:\2020OMNI\H1865PLT—44.xml

1543
1

408 of such Code (including by reason of

2

subsection (c) thereof); and
‘‘(iii) the terms of which meet the re-

3
4

quirements of subparagraph (B).

5

Such term shall not include a plan maintained

6

by employers which have a common interest

7

other than having adopted the plan.

8
9

‘‘(B) REQUIREMENTS FOR PLAN

TERMS.—

The requirements of this subparagraph are met

10

with respect to any plan if the terms of the

11

plan—

12

‘‘(i) designate a pooled plan provider

13

and provide that the pooled plan provider

14

is a named fiduciary of the plan;

15

‘‘(ii) designate one or more trustees

16

meeting the

17

408(a)(2) of the Internal Revenue Code of

18

1986 (other than an employer in the plan)

19

to be responsible for collecting contribu-

20

tions to, and holding the assets of, the

21

plan and require such trustees to imple-

22

ment written contribution collection proce-

23

dures that are reasonable, diligent, and

24

systematic;

December 16, 2019 (3:33 p.m.)

requirements of

section

U:\2020OMNI\H1865PLT—44.xml

1544
1

‘‘(iii) provide that each employer in

2

the plan retains fiduciary responsibility

3

for—

4

‘‘(I) the selection and monitoring

5

in accordance with section 404(a) of

6

the person designated as the pooled

7

plan provider and any other person

8

who, in addition to the pooled plan

9

provider, is designated as a named fi-

10
11

duciary of the plan; and
‘‘(II) to the extent not otherwise

12

delegated to another fiduciary by the

13

pooled plan provider and subject to

14

the provisions of section 404(c), the

15

investment and management of the

16

portion of the plan’s assets attrib-

17

utable to the employees of the em-

18

ployer (or beneficiaries of such em-

19

ployees);

20

‘‘(iv) provide that employers in the

21

plan, and participants and beneficiaries,

22

are not subject to unreasonable restric-

23

tions, fees, or penalties with regard to

24

ceasing participation, receipt of distribu-

25

tions, or otherwise transferring assets of

December 16, 2019 (3:33 p.m.)

U:\2020OMNI\H1865PLT—44.xml

1545
1

the plan in accordance with section 208 or

2

paragraph (44)(C)(i)(II);

3

‘‘(v) require—

4

‘‘(I) the pooled plan provider to

5

provide to employers in the plan any

6

disclosures or other information which

7

the Secretary may require, including

8

any disclosures or other information

9

to facilitate the selection or any moni-

10

toring of the pooled plan provider by

11

employers in the plan; and

12

‘‘(II) each employer in the plan

13

to take such actions as the Secretary

14

or the pooled plan provider determines

15

are necessary to administer the plan

16

or for the plan to meet any require-

17

ment applicable under this Act or the

18

Internal Revenue Code of 1986 to a

19

plan described in section 401(a) of

20

such Code or to a plan that consists

21

of individual retirement accounts de-

22

scribed in section 408 of such Code

23

(including by reason of subsection (c)

24

thereof), whichever is applicable, in-

25

cluding providing any disclosures or

December 16, 2019 (3:33 p.m.)

U:\2020OMNI\H1865PLT—44.xml

1546
1

other information which the Secretary

2

may require or which the pooled plan

3

provider otherwise determines are nec-

4

essary to administer the plan or to

5

allow the plan to meet such require-

6

ments; and

7

‘‘(vi) provide that any disclosure or

8

other information required to be provided

9

under clause (v) may be provided in elec-

10

tronic form and will be designed to ensure

11

only reasonable costs are imposed on

12

pooled plan providers and employers in the

13

plan.

14

‘‘(C) EXCEPTIONS.—The term ‘pooled em-

15

ployer plan’ does not include—

16

‘‘(i) a multiemployer plan; or

17

‘‘(ii) a plan established before the

18

date of the enactment of the Setting Every

19

Community Up for Retirement Enhance-

20

ment Act of 2019 unless the plan adminis-

21

trator elects that the plan will be treated

22

as a pooled employer plan and the plan

23

meets the requirements of this title appli-

24

cable to a pooled employer plan established

25

on or after such date.

December 16, 2019 (3:33 p.m.)

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1547
1

‘‘(D) TREATMENT OF EMPLOYERS AS PLAN

2

SPONSORS.—Except with respect to the

3

istrative duties of the pooled plan provider de-

4

scribed in paragraph (44)(A)(i), each employer

5

in a pooled employer plan shall be treated as

6

the plan sponsor with respect to the portion of

7

the plan attributable to employees of such em-

8

ployer (or beneficiaries of such employees).

9

‘‘(44) POOLED PLAN

10
11

‘‘(A) IN

admin-

PROVIDER.—

GENERAL.—The

term ‘pooled plan

provider’ means a person who—

12

‘‘(i) is designated by the terms of a

13

pooled employer plan as a named fiduciary,

14

as the plan administrator, and as the per-

15

son responsible for the performance of all

16

administrative duties (including conducting

17

proper testing with respect to the plan and

18

the employees of each employer in the

19

plan) which are reasonably necessary to

20

ensure that—

21

‘‘(I) the plan meets any require-

22

ment applicable under this Act or the

23

Internal Revenue Code of 1986 to a

24

plan described in section 401(a) of

25

such Code or to a plan that consists

December 16, 2019 (3:33 p.m.)

U:\2020OMNI\H1865PLT—44.xml

1548
1

of individual retirement accounts de-

2

scribed in section 408 of such Code

3

(including by reason of subsection (c)

4

thereof), whichever is applicable; and

5

‘‘(II) each employer in the plan

6

takes such actions as the Secretary or

7

pooled plan provider determines are

8

necessary for the plan to meet the re-

9

quirements described in subclause (I),

10

including providing the disclosures

11

and information described in para-

12

graph (43)(B)(v)(II);

13

‘‘(ii) registers as a pooled plan pro-

14

vider with the Secretary, and provides to

15

the Secretary such other information as

16

the Secretary may require, before begin-

17

ning operations as a pooled plan provider;

18

‘‘(iii) acknowledges in writing that

19

such person is a named fiduciary, and the

20

plan administrator, with respect to the

21

pooled employer plan; and

22

‘‘(iv) is responsible for ensuring that

23

all persons who handle assets of, or who

24

are fiduciaries of, the pooled employer plan

25

are bonded in accordance with section 412.

December 16, 2019 (3:33 p.m.)

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1549
1

‘‘(B) AUDITS, EXAMINATIONS AND

2

TIGATIONS.—The Secretary may perform

3

dits, examinations, and investigations of pooled

4

plan providers as may be necessary to enforce

5

and carry out the purposes of this paragraph

6

and paragraph (43).

7

‘‘(C)

GUIDANCE.—The

INVES-

au-

Secretary shall

8

issue such guidance as the Secretary determines

9

appropriate to carry out this paragraph and

10

paragraph (43), including guidance—

11

‘‘(i) to identify the administrative du-

12

ties and other actions required to be per-

13

formed by a pooled plan provider under ei-

14

ther such paragraph; and

15

‘‘(ii) which requires in appropriate

16

cases that if an employer in the plan fails

17

to take the actions required under sub-

18

paragraph (A)(i)(II)—

19

‘‘(I) the assets of the plan attrib-

20

utable to employees of such employer

21

(or beneficiaries of such employees)

22

are transferred to a plan maintained

23

only by such employer (or its suc-

24

cessor), to an eligible retirement plan

25

as defined in section 402(c)(8)(B) of

December 16, 2019 (3:33 p.m.)

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1550
1

the Internal Revenue Code of 1986

2

for each individual whose account is

3

transferred, or to any other arrange-

4

ment that the Secretary determines is

5

appropriate in such guidance; and

6

‘‘(II) such employer (and not the

7

plan with respect to which the failure

8

occurred or any other employer in

9

such plan) shall, except to the extent

10

provided in such guidance, be liable

11

for any liabilities with respect to such

12

plan attributable to employees of such

13

employer (or beneficiaries of such em-

14

ployees).

15

The Secretary shall take into account

16

under clause (ii) whether the failure of an

17

employer or pooled plan provider to provide

18

any disclosures or other information, or to

19

take any other action, necessary to admin-

20

ister a plan or to allow a plan to meet re-

21

quirements described in

22

(A)(i)(II) has continued over a period of

23

time that demonstrates a lack of commit-

24

ment to compliance. The Secretary may

25

waive the requirements of subclause (ii)(I)

December 16, 2019 (3:33 p.m.)

subparagraph

1551
1

in appropriate circumstances if the Sec-

2

retary determines it is in the best interests

3

of the employees of the employer referred

4

to in such clause (and the beneficiaries of

5

such employees) to retain the assets in the

6

plan with respect to which the employer’s

7

failure occurred.

8

‘‘(D) GOOD FAITH COMPLIANCE WITH LAW

9

BEFORE

GUIDANCE.—An

employer or pooled

10

plan provider shall not be treated as failing to

11

meet a requirement of guidance issued by the

12

Secretary under subparagraph (C) if, before the

13

issuance of such guidance, the employer or

14

pooled plan provider complies in good faith with

15

a reasonable interpretation of the provisions of

16

this paragraph, or paragraph (43), to which

17

such guidance relates.

18

‘‘(E) AGGREGATION RULES.—For purposes

19

of this paragraph, in determining whether a

20

person meets the requirements of this para-

21

graph to be a pooled plan provider with respect

22

to any plan, all persons who perform services

23

for the plan and who are treated as a single

24

employer under subsection (b), (c), (m), or (o)

December 16, 2019 (3:33 p.m.)

1552
1

of section 414 of the Internal Revenue Code of

2

1986 shall be treated as one person.’’.

3

(2) BONDING REQUIREMENTS FOR POOLED

EM-

4

PLOYER PLANS.—The

5

of the Employee Retirement Income Security Act of

6

1974 (29 U.S.C. 1112(a)) is amended by inserting

7

‘‘or in the case of a pooled employer plan (as defined

8

in section 3(43))’’ after ‘‘section 407(d)(1))’’.

9

last sentence of section 412(a)

(3) CONFORMING

AND

TECHNICAL

AMEND-

10

MENTS.—Section 3 of the Employee Retirement In-

11

come Security Act of 1974 (29 U.S.C. 1002) is

12

amended—

13
14
15
16

(A) in paragraph (16)(B)—
(i) by striking ‘‘or’’ at the end of
clause (ii); and
(ii) by striking the period at the end

17

and inserting ‘‘, or (iv) in the case of a

18

pooled employer plan, the pooled plan pro-

19

vider.’’; and

20

(B) by striking the second paragraph (41).

21

(d) POOLED EMPLOYER AND MULTIPLE EMPLOYER

22 PLAN REPORTING.—
23

(1) ADDITIONAL INFORMATION.—Section 103

24

of the Employee Retirement Income Security Act of

25

1974 (29 U.S.C. 1023) is amended—

December 16, 2019 (3:33 p.m.)

1553
(A) in subsection (a)(1)(B), by striking

1
2

‘‘applicable subsections (d), (e), and (f)’’ and

3

inserting ‘‘applicable subsections (d), (e), (f),

4

and (g)’’; and
(B) by amending subsection (g) to read as

5

follows:

6
7

‘‘(g) ADDITIONAL INFORMATION WITH RESPECT TO

8 POOLED

EMPLOYER

AND

MULTIPLE

EMPLOYER

9 PLANS.—An annual report under this section for a plan
10 year shall include—
11

‘‘(1) with respect to any plan to which section

12

210(a) applies (including a pooled employer plan), a

13

list of employers in the plan and a good faith esti-

14

mate of the percentage of total contributions made

15

by such employers during the plan year and the ag-

16

gregate account balances attributable to each em-

17

ployer in the plan (determined as the sum of the ac-

18

count balances of the employees of such employer

19

(and the beneficiaries of such employees)); and

20

‘‘(2) with respect to a pooled employer plan, the

21

identifying information for the person designated

22

under the terms of the plan as the pooled plan pro-

23

vider.’’.

24
25

December 16, 2019 (3:33 p.m.)

(2) SIMPLIFIED

ANNUAL

REPORTS.—Section

104(a) of the Employee Retirement Income Security

1554
1

Act of 1974 (29 U.S.C. 1024(a)) is amended by

2

striking paragraph (2)(A) and inserting the fol-

3

lowing:

4

‘‘(2)(A) With respect to annual reports required to

5 be filed with the Secretary under this part, the Secretary
6 may by regulation prescribe simplified annual reports for
7 any pension plan that—
8

‘‘(i) covers fewer than 100 participants; or

9

‘‘(ii) is a plan described in section 210(a) that

10

covers fewer than 1,000 participants, but only if no

11

single employer in the plan has 100 or more partici-

12

pants covered by the plan.’’.

13

(e) EFFECTIVE DATE.—
(1) IN GENERAL.—The amendments made by

14
15

this section shall apply to plan years beginning after

16

December 31, 2020.
(2) RULE OF CONSTRUCTION.—Nothing in the

17
18

amendments made by subsection (a) shall be con-

19

strued as limiting the authority of the Secretary of

20

the Treasury or the Secretary’s delegate (determined

21

without regard to such amendment) to provide for

22

the proper treatment of a failure to meet any re-

23

quirement applicable under the Internal Revenue

24

Code of 1986 with respect to one employer (and its

25

employees) in a multiple employer plan.

December 16, 2019 (3:33 p.m.)