Sec. 10. Treatment of automatic contribution plans under State law
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/bill/115/hr/4523/ih/section-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 514 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1144 ) is amended by adding at the end the following: If an employer maintains an automatic contribution plan (as defined in section 414(aa) of the Internal Revenue Code of 1986) that satisfies the requirements of section 414(aa)(3) (without regard to subparagraph
(D)thereof), the employer— shall not be subject to any requirement imposed by a State or political subdivision thereof to contribute to an individual retirement plan (as defined in section 7701(a)(37) of the Internal Revenue Code of 1986) established and maintained pursuant to a payroll deduction savings program of a State or political subdivision thereof, and shall not be required to participate in any manner in such a payroll deduction savings program. This subsection shall not apply with respect to any employer to the extent that such employer participates in an arrangement under a qualified State law. For purposes of this subsection— The term qualified State law means a State law that— was enacted before the date of enactment of the Automatic Retirement Plan Act of 2017 , requires certain employers to contribute to, or participate in, an individual retirement plan (as defined in section 7701(a)(37) of such Code) established and maintained pursuant to a payroll deduction savings program of the State, or allows certain employers to contribute to, or participate in, a plan described in section 413(c) of such Code established and maintained by the State, and is not superseded by this title (determined without regard to this subsection). If a State law described in subparagraph (A)(ii) is amended after the date of enactment of the Automatic Retirement Plan Act of 2017 to materially expand the scope of the requirement described in subparagraph (A)(ii)(I) or the availability of a plan described in subparagraph (A)(ii)(II), the State law shall, as of the effective date of such amendment, cease to treated as a qualified State law. . The amendments made by this section shall apply to plan years beginning after December 31, 2017.
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Sec. 10
Treatment of automatic contribution plans under State law
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