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Updates retirement and tax rules, expands support for veterans and first responders, standardizes DHS grant reviews, and orders several studies and commissions on topics from a new Asian Pacific American museum to foreign ownership of U.S. marine terminals. It also extends certain federal authorities (NASA leasing, livestock reporting), directs House oversight hearings, and sets new board‑meeting rules for federal credit unions.
Key changes include raising the age for required minimum distributions to as high as 75 over time, expanding 403(b) hardship withdrawals, creating an apprenticeship portal for veterans and a Boots to Business training program through 2028, increasing penalties for trafficking offenses near schools and colleges, and commissioning semiconductor investment strategies through SelectUSA. Funding language is broad without specified amounts and many provisions take effect on enactment, while most tax changes begin after 2024.
Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Veterans' Affairs, Oversight and Government Reform, Intelligence (Permanent Select), Foreign Affairs, Education and Workforce, Small Business, the Judiciary, Natural Resources, House Administration, Energy and Commerce, Homeland Security, Science, Space, and Technology, Appropriations, Rules, Ethics, Transportation and Infrastructure, the Budget, and Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced January 3, 2025 by James P. McGovern · Last progress January 3, 2025
Inserts new ERISA section 111 eliminating many disclosure requirements for 'unenrolled participants' and defining 'unenrolled participant' and 'annual reminder notice', and redesignates old section 111 as 112.
Adds new subsection (cc) to section 414 of the Internal Revenue Code to provide similar relief for defined contribution plans regarding disclosure requirements for 'unenrolled participants', define terms, and incorporate ERISA section 111(c) notice definition.
Adds new ERISA section 523 establishing the 'Retirement Savings Lost and Found' online searchable database, requirements for administration, information collection duties for plan administrators, access to federal agency information, and IG audit schedule.
Increases the dollar threshold for mandatory distributions from $5,000 to $7,000 in ERISA section 203(e)(1).
Amends to increase the dollar threshold from $5,000 to $7,000.
Amends to increase the dollar threshold from $5,000 to $7,000.
Expands the distribution exception to include distributions to employees who provide firefighting services from certain plans described in section 402(c)(8)(B).
Adds new section 139C excluding certain disability-related first responder retirement payments from gross income up to an annualized excludable disability amount and defines qualified payments and qualified first responder service.
Adds a new paragraph (4) to section 6501 providing rules for the limitations period for assessment/collection of excise taxes under sections 4973 or 4974 related to individual retirement plans, including treatment when the taxpayer was not required to file a return.
Adds a new subparagraph (F) permitting a one-time election to treat distributions to split-interest entities as meeting QCD requirements (with limits and conditions) and adds inflation adjustment rules; also adds subparagraph (G) for inflation adjustment.
And 51 more affected sections...
Referred to the Subcommittee on Livestock, Dairy, and Poultry.
Referred to the Subcommittee on Economic Opportunity.
Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Armed Services, Veterans' Affairs, Oversight and Government Reform, Intelligence (Permanent Select), Foreign Affairs, Education and Workforce, Small Business, the Judiciary, Natural Resources, House Administration, Energy and Commerce, Homeland Security, Science, Space, and Technology, Appropriations, Rules, Ethics, Transportation and Infrastructure, the Budget, and Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House