Establishes: (1) a limited refundable credit to certain individuals for elective deferrals and IRA contributions; and (2) a limited credit for qualified pension plan contributions of small employers.
Makes additional revisions to pension provisions, including: (1) requiring 401(k) plans to be offered to all eligible employees and to meet minimum coverage requirements; (2) increasing from the age of 70-and-one-half to age 75 the requirement to begin mandatory pension distributions; (3) permitting a statutory exemption from prohibited transaction rules for emergent transactions; (4) permitting loans from a pension plan for involuntarily separated employees for health insurance and job training expenses; and (5) permitting a prohibited transaction exemption for providing investment advice.