1. Short title
This Act may be cited as the “Simplifying Small Business Retirement Savings Act”.
Simplifying Small Business Retirement Savings Act
A BILL
To provide better access to retirement plans through small businesses.
2. Annual audit parity for group of plans
Section 202(a) of the Setting Every Community Up for Retirement Enhancement Act of 2019 (Public Law 116–94; 26 U.S.C. 6058 note) is amended—
by striking “so that all members” and inserting the following: “so that—
“(1) all members”
by striking the period and inserting “; and”; and
by adding at the end the following:
“(2) any opinions required by section 103(a)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1023(a)(3)) shall relate only to each individual plan which would otherwise be subject to the requirements of such section 103(a)(3).”
3. Pooled employer plans modification
Section 3(43)(B)(ii) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43)(B)(ii)) is amended to read as follows:
“(ii) designate a named fiduciary (other than an employer in the plan) to be responsible for collecting contributions to the plan and require such fiduciary to implement written contribution collection procedures that are reasonable, diligent, and systematic;”
4. Report on pooled employer plans
The Secretary of Labor shall—
conduct a study on the pooled employer plan (as such term is defined in section 3(43) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43))) industry, including on—
the legal name and number of pooled employer plans;
the number of participants in such plans;
the range of investment options provided in such plans;
the fees assessed in such plans;
the manner in which employers select and monitor such plans;
the disclosures provided to participants in such plans;
the number and nature of any enforcement actions by the Secretary of Labor on such plans;
the extent to which such plans have increased retirement savings coverage in the United States; and
any additional information as the Secretary determines necessary; and
not later than 2 years after the date of enactment of this Act, and every 5 years thereafter, submit to Congress and make available on a publicly accessible website of the Department of Labor, a report on the findings of the study under paragraph (1), including recommendations on how pooled employer plans can be improved, through legislation, to serve and protect retirement plan participants.