HR 3912 · 109th Congress 2005–2007, ended

Flexible Retirement Security for Life Act of 2005

Introduced Sep 27, 2005 Originated House Sponsor Nancy L. Johnson R-CT

Fact sheet

Latest action · Sep 27, 2005 Referred to the House Committee on Ways and Means.

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.

  1. IntroducedSep 27, 2005
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Flexible Retirement Security for Life Act of 2005 - Amends the Internal Revenue Code to exclude from gross income up to 50 percent of certain guaranteed lifetime annuity payments. Phases in the allowable dollar amount of such exclusion, beginning at $1,000 in 2006 and increasing to $20,000 in 2015 or thereafter. Provides for an inflation adjustment of the $20,000 exclusion amount beginning in 2016.

Allows a tax exclusion for payments from an annuity or life insurance contract used to obtain coverage under a qualified long-term care insurance contract that is part of such annuity or life insurance contract.

Provides for tax-free exchanges of life insurance, endowment, and annuity contracts for long-term care contracts. Allows tax-exempt annuity and life insurance contracts to include qualified long-term care insurance contracts.

Cosponsors 2

Members who signed on, in the order they did. All signed on Sep 27, 2005.

SeatCosponsorSigned on
R-PAPhil EnglishOriginalSep 27, 2005
D-OHStephanie Tubbs JonesOriginalSep 27, 2005

Actions 2

Everything that happened, newest first.

  1. Sep 27, 2005Introduced in House
  2. Sep 27, 2005Referred to the House Committee on Ways and Means.

Related bills 2

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 381Retirement Security for Life Act of 2005Related billFeb 15, 2005
HR 819Retirement Security for Life Act of 2005Related billFeb 15, 2005

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

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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.