H.R.1938: Small Employer Retirement Savings Auto-Enrollment Credit Act

Overview

The Small Employer Retirement Savings Auto-Enrollment Credit Act would authorize a three-year business-related tax credit of $500 for eligible small employers who offer an automatic contribution arrangement in retirement plans as part of their benefits package. Small employers are defined as employers with no more than 100 employees who received at least $5,000 of compensation from the employer in the previous year.

Talking Points

  • Many non-profits have fewer than 100 employees.
  • This tax credit would provide an incentive for small employers to include automatic contribution arrangement in an employer-sponsored retirement plan as part of their benefits package.
  • Meaningful contribution to an employee's retirement enhances quality of life and ability to thrive long-term and makes non-profits more competitive in the job market.
  • The National Assembly supports providing a tax credit to small employers that help retain quality talent in the non-profit sector, both for the benefit of the missions involved, but also for the benefit of the employee.

Our Stance

Support

Priority

Medium

Bill Number

H.R.1938

Date Introduced

March 27, 2019

Committee

House Ways and Means Committee

Bill Status

Introduced or Prefiled