H.R. 5875: SAVE Act of 2014

113th Congress · introduced 2014-12-11 · Taxation · Latest: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.

federal

Follow this bill, step by step

Where it came from: introduced 2014-12-11 · official record
Who proposed it: Rep. Kind, Ron [D-WI-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

SAVE Act of 2014

Plain summary

Small Businesses Add Value for Employees Act of 2014 or the SAVE Act of 2014 - Amends the Internal Revenue Code, with respect to employer-established simple individual retirement accounts (IRAs) and pension plans, to: repeal restrictions on rollovers from simple IRAs to qualified retirement plans; allow employers to elect to terminate simple IRAs at any time during the year; repeal the increased 25% penalty on premature distributions from simple IRAs within the first two plan years; allow additional nonelective employer contributions to simple IRAs not exceeding 10% of compensation; establish automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 in a preceding year; establish secure deferral arrangements for automatically enrolling employees at 6% of pay with annual increases; allow small employers a new tax credit for the cost of adopting safe harbor requirements for secure deferral arrangements; allow a transfer of unused benefits in a flexible spending arrangement to a qualified retirement or eligible deferred compensation plan; increase the tax credit for small employer pension plan startup costs; and establish multiple small employer retirement plans that provide for automatic employee contributions. Requires: (1) the Secretary of the Treasury to promulgate regulations regarding the timing of notices to participants in automatic contribution pension plans; (2) the Office of Financial Education of the Department of the Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans; (3) the Secretaries of the Treasury and Labor to develop recommendations for small businesses to improve retirement outcomes; and (4) the Secretary of the Treasury, in consultation with the Secretary of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

SAVE Act of 2014

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Kind, Ron [D-WI-3] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113hr5875.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/hr>

Record fed-us-cong113-hr5875 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113