Setting Every Community Up for Retirement Enhancement Act of 2019

This bill modifies the requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts.

With respect to employer-provided retirement plans, the bill modifies requirements regarding

  • multiple employer plans;
  • automatic enrollment and nonelective contributions;
  • tax credits for small employers that establish certain plans;
  • loans;
  • lifetime income options;
  • the treatment of custodial accounts upon termination of section 403(b) plans;
  • retirement income accounts for church-controlled organizations;
  • the eligibility rules for certain long-term, part-time employees;
  • required minimum distributions;
  • nondiscrimination rules;
  • minimum funding standards for community newspaper plans; and
  • Pension Benefit Guaranty Corporation premiums for CSEC plans (multiple employer plans maintained by certain charities or cooperatives).

The bill also includes provisions that

  • treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an IRA,
  • repeal the maximum age for traditional IRA contributions,
  • treat difficulty of care payments as compensation for determining contribution limits for retirement accounts,
  • allow penalty-free withdrawals from retirement plans if a child is born or adopted,
  • expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used,
  • reinstate and increase the tax exclusion for certain benefits provided to volunteer firefighters and emergency medical responders,
  • increase penalties for failing to file tax returns, and
  • require the Internal Revenue Service to share tax information with U.S. Customs Border Protection to administer the heavy vehicle use tax.

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