Pension Preservation and Savings Expansion Act of 2005
Latest action · May 31, 2005 Referred to the Subcommittee on Employer-Employee Relations.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 28, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Pension Preservation and Savings Expansion Act of 2005 -Amends the Internal Revenue Code to revise provisions relating to qualified retirement and employee benefit plans.
Makes permanent: (1) pension and individual retirement account provisions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); and (2) the tax credit for elective deferrals and individual retirement account contributions (saver's credit). Increases the amount of the saver's credit and makes such credit refundable.
Makes various changes to qualified pension plan provisions, including: (1) reducing the vesting period for employer contributions to defined contribution plans; (2) allowing rollovers from plans of deceased employees to non-spouses; (3) allowing disabled individuals without earned income to make tax deductible contributions to retirement savings accounts; (4) allowing exclusions from gross income for certain lifetime annuity payments; and (5) providing for automatic employee contributions to pension plans and automatic contribution increases.
Revises rules and definitions relating to: (1) salary reduction plans; (2) matching contribution rules for IRAs and 401(k) plans; (3) withdrawals from plans for death, disability, and hardship; (4) minimum distribution rules; and (5) catch-up contributions.
Imposes a penalty tax up to 50 percent of excessive employee remuneration paid by a company after a declaration of bankruptcy.
Requires the administrators of defined benefit and defined contribution plans to provide plan participants with periodic statements of plan benefits. Directs the Secretary of Labor to develop a model benefit statement.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 9, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Ellen O. Tauscher | Jun 9, 2005 |
Actions 3
Everything that happened, newest first.
- May 31, 2005Referred to the Subcommittee on Employer-Employee Relations.
- Apr 28, 2005Introduced in House
- Apr 28, 2005Referred 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1960 | Pension Preservation and Savings Expansion Act of 2005 | Related bill | May 31, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Apr 28, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.