H.R.7314

Advancing Commonsense Policies Act amends retirement plan rules and tax provisions.

The Advancing Commonsense Policies Act modifies retirement plan rules and tax provisions. It allows certain pension plans to not require a period of service for employee participation. It also modifies the rules for automatic enrollment in retirement plans, allowing for certain financial incentives and student loan payments to be considered elective deferrals. The act updates the dollar limit for mandatory distributions, expands the saver's credit, and modifies the rules for hardship withdrawals from retirement plans.