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US. GOVERNMENT
INFORMATION
GP
Calendar No. 670
114TH CONGRESS REPORT
2d Session SENATE 114-375
RETIREMENT ENHANCEMENT AND SAVINGS ACT OF 2016
NOVEMBER 16, 2016.-Ordered to be printed
Mr. HATCH, from the Committee on Finance,
submitted the following
REPORT
[To accompany S. 3471]
The Committee on Finance, having considered an original bill, S.
3471, to amend the Internal Revenue Code of 1986 to encourage re-
tirement savings, and for other purposes, having considered the
same, reports favorably thereon and recommends that the bill do
pass.
CONTENTS
Page
I. LEGISLATIVE BACKGROUND .................................................................. 3
II. EXPLANATION OF PROVISIONS .............................................................. 4
TITLE I-EXPANDING AND PRESERVING RETIREMENT SAVINGS .......... 4
A. Multiple-Employer Plans and Pooled Employer and Multiple-
Employer Plan Reporting (secs. 101-102 of the bill, sec. 413
of the Code, and secs. 3 and 103-104 of ERISA) ........................ 4
B. Removal of 10 Percent Cap from Automatic Enrollment Safe
Harbor After First Plan Year (sec. 103 of the bill and sec.
401(k) of the Code) ......................................................................... 15
C. Rules Relating to Election of Safe Harbor 401(k) Status (sec.
104 of the bill and sec. 401(k) of the Code) .................................. 17
D. Increase in Credit Limitation for Small Employer Pension Plan
Start-Up Costs (sec. 105 of the bill and sec. 45E of the Code) ... 20
E. Small Employer Automatic Enrollment Credit (sec. 106 of the
bill and new sec. 45S of the Code) ................................................ 21
F. Certain Taxable Non-Tuition Fellowship and Stipend Payments
Treated as Compensation for IRA Purposes (sec. 107 of the
bill and sec. 219 of the Code) ......................................................... 23
G. Repeal of Maximum Age for Traditional IRA Contributions (sec.
108 of the bill and sec. 219 of the Code) ....................................... 24
H. Expansion of IRA Ownership of S Corporation Bank Stock (sec.
109 of the bill and secs. 1361 and 4975 of the Code) .................. 25
I. Extended Rollover Period for Plan Loan Offset Amounts (sec.
110 of the bill and sec. 402(c) of the Code) ................................... 26
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