legislation: 117-hr-9252

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-hr-9252 117 hr 9252 Advancing Auto-Portability Act of 2022 Taxation 2022-10-28 2022-10-28 Referred to the House Committee on Ways and Means. House Rep. Schneider, Bradley Scott [D-IL-10] IL D S001190 1 Advancing Auto-Portability Act of 2022 This bill allows employees to transfer their retirement account upon terminating their employment to a similar account with a new employer. Specifically, it makes such transfers automatic, subject to the right of employees to opt out. It imposes certain requirements upon an automatic portability provider, including a requirement that the provider acknowledge its fiduciary status and provide a notice in advance to an employee whose retirement account is being transferred that contains a description of the automatic portability transaction and any fees charged in connection with the transaction. This bill also allows an eligible employer a $500 tax credit in the year that an automatic portability arrangement is adopted. 2022-12-29T13:34:05Z  

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