H.R. 2382 — First Responders Retirement Parity Act

This section expands the definition of governmental plan under ERISA §3(32) (29 U.S.C. 1002(32)) and IRC §414(d) to provide that a plan does not fail to qualify solely because it allows participation by a tax-exempt public safety agency (i.e., described in IRC §501(c) and exempt under §501(a)) limited to the agency's emergency response providers (as defined in 6 U.S.C. 101)—specifically firefighters or out-of-hospital emergency medical services providers—whose substantially all such services are performed for a state political subdivision under contract with the agency. (As background, governmental plans are exempt from most ERISA Title I requirements, including fiduciary duties, reporting, and disclosures, as well as PBGC termination insurance under ERISA §4021; this change preserves those exemptions and related IRC benefit limit rules under §415 for such plans.) The section makes conforming amendments to ERISA §4021(b)(2) and IRC §415(b)(2)(H)(ii)(I) and §415(b)(10)(A), effective for plan years beginning after enactment.