Defines the term "Universal Retirement Savings Account." Includes Universal Retirement Savings Account distributions in gross income except when the distributions are part of an immediate annuity, rollover, qualified higher education expense, or first home purchase.
Requires employers to offer programs which make payments to Universal Retirement Savings Accounts in exchange for salary reductions. Provides a general business tax credit to certain small employers who offer salary reduction arrangements for Universal Retirement Savings Accounts.
Establishes a refundable Universal Retirement Savings Account contribution credit for individuals equal to a specified percentage of contributions. Caps such credits at $2,000 per year. Allows a $200 credit maximum for contributions made to Universal Retirement Savings Accounts of dependents.
Repeals the $2,000 nonrefundable qualified retirement account credit.