,,ii  #aad? ,,congress  #b;d ,session   
,s4 #ccch  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ae1 #bjaf   
,mr4 ,burr 7= himself & ,mr4 ,b5net7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to enc\rage small 
bus9esses to enroll _! employees 9      
retirem5t sav+s options1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,small ,bus9ess ,employee  
,retirem5t ,sav+s ,act ( #bjaf4  #b4    
,increase 9 cr$it limitation = small    
employ] p5sion plan />tup co/s  7a7 ,9  
g5]al ,p>agraph 7#a7 ( section #de;,e7b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ to read z foll[s3  7#a7 = ! fir/  
cr$it ye> & ea* ( ! #b taxable ye>s     
imm$iately foll[+ ! fir/ cr$it ye>1 !   
great] (--  7,a7 #ejj1 or  7,b7 ! less] 
(--  7i7 #bej = ea* employee ( !        
eligible employ] :o is n a highly       
comp5sat$ employee 7z def9$ 9 section   
#dae7q77 & :o is eligible to p>ticipate 

9 ! eligible employ] plan ma9ta9$ by !  
eligible employ]1 or  7ii7 #e1jjj1 &  4 
7b7 ,effective date ,! am5dm5t made by  
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjae4  #c4   
,cr$it = small employ]s adopt+          
auto-enrollm5t options  7a7 ,9 g5]al    
,subp>t ,d ( "p ,,iv ( sub*apt] ,a (    
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #de,s4 ,auto-enrollm5t   
option = retirem5t sav+s options provid$
 by small employ]s  7a7 ,9 g5]al ,=     
purposes ( section #ch1 9 ! case ( a    
small employ]1 ! retirem5t              
auto-enrollm5t cr$it det]m9$ "u ?is     
section is an am\nt equal to #ejj = any 
taxable ye> 9 ! cr$it p]iod4  7b7 ,cr$it
 p]iod ,= purposes ( subsection 7a7--   
7#a7 ,9 g5]al ,! cr$it p]iod ) respect  
to any small employ] is ! #c-taxable-ye>
 p]iod beg9n+ ) ! fir/ taxable ye> = :i*
 ! employ] includes an eligible         
automatic contribution arrangem5t 7z    
def9$ 9 section #dad7w77#c77 9 a        

qualifi$ retirem5t plan 7z def9$ 9      
section #digd7;c77 sponsor$ by !        
employ]1 b only if ! plan ma9ta9s su*   
arrangem5t ?r\gh\t su* p]iod4  7#b7     
,cr$it p]missible 9 />t-up ye> ,! fir/  
taxable ye> 9 ! cr$it p]iod may be !    
same taxable ye> z ! fir/ cr$it ye> 7z  
def9$ 9 section #de;,e7d77#c774  7#c7   
,employ] mu/ rema9 small employ]        
,not)/&+ p>agraph 7#a71 ! cr$it p]iod ) 
respect to any small employ] %all end ) 
! e>li] (--  7,a7 ! la/ taxable ye> 9   
su* p]iod det]m9$ )\t reg>d to ?is      
p>agraph1 or  7,b7 ! la/ taxable ye> 9  
:i* su* employ] is a small employ]4  7c7
 ,small employ] ,= purposes ( ?is       
section1 ! t]m small employ] means any  
employ] = any taxable ye> if ! numb] (  
employees employ$ by su* employ] dur+   
su* taxable ye> does n exce$ #ajj4 ,all 
employ]s treat$ z a s+le employ] "u     
section 7a7 or 7b7 ( section #eb %all be
 treat$ z a s+le employ] = purposes (   
?is section4  4  7b7 ,cr$it ,to be "p ( 
g5]al bus9ess cr$it ,subsection 7b7 (   

section #ch ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by /rik+ plus at ! end (
 p>agraph 7#ce71 by /rik+ ! p]iod at !  
end ( p>agraph 7#cf7 & ins]t+ 1 plus1 & 
by add+ at ! end ! foll[+ new p>agraph3 
7#cg7 9 ! case ( a small employ] 7z     
def9$ 9 section #de,s7c771 ! retirem5t  
auto-enrollm5t cr$it det]m9$ "u section 
#de,s7a74  4  7c7 ,cl]ical am5dm5t ,!   
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf1 z am5d$ by       
section #b1 is am5d$ by ins]t+ aft] !   
item relat+ to section #de,r ! foll[+   
new item3  ,sec4 #de,s4 ,auto-enrollm5t 
option = retirem5t sav+s options provid$
 by small employ]s4  4  7d7 ,effective  
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4  #d4     
,removal ( #aj p]c5t cap aft] fir/ plan 
ye> f automatic enrollm5t safe h>bor    
7a7 ,9 g5]al ,clause 7iii7 ( section    
#dja7k77#ac77;,c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ 1 does n

 exce$ #aj p]c5t1 & is at lea/ & ins]t+ 
& is4  7b7 ,con=m+ am5dm5ts  7#a7       
,subclause 7,i7 ( section               
#dja7k77#ac77;,c77iii7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
#c p]c5t & ins]t+ at lea/ #c p]c5t1 b n 
great] ?an #aj p]c5t14  7#b7 ,subclause 
7,,ii7 ( section #dja7k77#ac77;,c77iii7 
( su* ,code is am5d$ by /rik+ #d p]c5t &
 ins]t+ at lea/ #d p]c5t4  7#c7         
,subclause 7,,iii7 ( section            
#dja7k77#ac77;,c77iii7 ( su* ,code is   
am5d$ by /rik+ #e p]c5t & ins]t+ at lea/
 #e p]c5t4  7#d7 ,subclause 7,,iv7 (    
section #dja7k77#ac77;,c77iii7 ( su*    
,code is am5d$ by /rik+ #f p]c5t &      
ins]t+ at lea/ #f p]c5t4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to plan ye>s beg9n+ aft] !   
date ( enactm5t ( ?is ,act4