Women's Retirement Security Act of 2007
Latest action · May 3, 2007 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 3, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Women's Retirement Security Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not provide retirement plans for their employees to allow eligible employees to participate in a payroll deposit individual retirement account arrangement (automatic IRA); (2) expand eligibility for the tax credit for retirement savings contributions (saver's credit) and make such credit refundable; (3) allow certain part-time employees to participate in qualified cash or deferred arrangements; (4) allow the transfer of up to $500 of unused health plan benefits to qualified retirement plans; (5) treat wage replacement income (e.g., disability pay or unemployment compensation) as earned income for purposes of IRA contribution limits; (6) allow a limited tax exclusion for certain lifetime annuity payments and for qualified retirement planning services; (7) allow certain small employers a tax credit for contributions to employee pension plans; and (8) allow self-employed individuals to deduct pension plan contributions from their self-employment income.
Sets forth special rules for: (1) preservation of retirement plan assets distributed under a qualified domestic relations order; (2) eligibility of surviving and divorced spouses for benefits under the Railroad Retirement Act; and (3) military retired pay subject to court orders in domestic relations proceedings.
Authorizes the Secretary of the Treasury to make grants to qualified low-income taxpayer clinics to provide retirement savings counseling to low-income taxpayers.
Requires the Commissioner of Social Security to prepare a financial reference handbook and a retirement readiness checklist for distribution to social security recipients.
Cosponsors 4
Members who signed on, in the order they did. All signed on May 3, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NM | Jeff Bingaman | Original | May 3, 2007 |
| D-MA | John F. Kerry | Original | May 3, 2007 |
| D-ND | Kent Conrad | Original | May 3, 2007 |
| R-ME | Olympia J. Snowe | Original | May 3, 2007 |
Actions 3
Everything that happened, newest first.
- May 3, 2007Introduced in Senate
- May 3, 2007Read twice and referred to the Committee on Finance.
- May 3, 2007Sponsor introductory remarks on measure. (CR S5580)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5543 | Women's Retirement Security Act of 2008 | Related bill | Mar 6, 2008 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Annuities
- Armed Forces and National Security
- Commerce
- Counseling
- Disability insurance
- Disabled
- Divorce
- Economics and Public Finance
- Families
- Finance and Financial Sector
- Financial planning
- Government Operations and Politics
- Government publications
- Grants-in-aid
- Health
- Health insurance
- Income tax
- Individual retirement accounts
- Labor and Employment
- Military pensions
- Old age, survivors and disability insurance
- Part-time employment
- Payroll deductions
- Railroad retirement plans
- Self-employed
- Separation (Law)
- Small business
- Social Welfare
- Survivors' benefits
- Tax credits
- Tax deductions
- Tax exclusion
- Tax preparers
- Tax refunds
- Tax-deferred compensation plans
- Taxation
- Taxpayers
- Transportation and Public Works
- Unemployment insurance
- Women
- Women's retirement
Text 1
Each version as it was printed, newest first.
- May 3, 2007Introduced in Senate
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.
