H.R. 2944 — Introduced in House

I 117th CONGRESS 1st Session H. R. 2944 IN THE HOUSE OF REPRESENTATIVES April 30, 2021Ms. Sewell introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees. 1. One-year reduction in period of service requirement for long-term, part-time workers (a) In general Section 401(k)(2)(D)(ii) of the Internal Revenue Code of 1986 is amended by striking 3 and inserting 2. (b) Clarification of prior service for purposes of vesting rules Section 112(b) of the Setting Every Community Up for Retirement Enhancement Act of 2019 is amended by striking section 401(k)(2)(D)(ii) and inserting paragraphs (2)(D)(ii) and (15)(B)(iii) of section 401(k). (c) Effective date The amendments made by this section shall take effect as if included in the enactment of section 112 of the Setting Every Community Up for Retirement Enhancement Act of 2019.