SAVE Act of 2011
Latest action · May 20, 2011 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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 14, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Businesses Add Value for Employees Act of 2011 or the SAVE Act of 2011 - Amends Internal Revenue Code provisions relating to employer-established simple individual retirement accounts (IRAs) to: (1) repeal certain restrictions on rollovers from simple IRAs, (2) allow employers to elect to terminate qualified salary reduction arrangements at any time during the year, (3) repeal the enhanced 25% penalty on premature withdrawals made from simple IRAs within the first two plan years, (4) allow additional nonelective employer contributions to simple IRAs, (5) establish automatic deferral IRAs, (6) allow a transfer of unused balances in flexible spending arrangements to a qualified retirement or eligible deferred compensation plan, (7) increase the tax credit for small employer pension plan startup costs, and (8) establish multiple small employer retirement plans that provide for automatic employee contributions.
Requires the Office of Financial Education of the Department of the Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans.
Requires the Secretaries of the Treasury and Labor to develop recommendations for small businesses to improve retirement outcomes.
Requires the Secretary of the Treasury, in consultation with the Secretary of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools.
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) permit payroll deduction plans for individual retirement accounts or annuities, and (2) require disclosures relating to lifetime income from pension plans and annuities.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 14, 2011.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WA | David G. Reichert | Original | Apr 14, 2011 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Apr 14, 2011 |
| House | Education and Workforce Committee | Referred Apr 14, 2011 |
| Early Childhood, Elementary, and Secondary Education Subcommittee | Referred May 20, 2011 | |
| Health, Employment, Labor, and Pensions Subcommittee | Referred May 20, 2011 |
Actions 4
Everything that happened, newest first.
- May 20, 2011Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.
- May 20, 2011Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Apr 14, 2011Introduced in House
- Apr 14, 2011Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H2856.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes.
- Short Titles as Introduced
- SAVE Act of 2011
- Small Businesses Add Value for Employees Act of 2011
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Consumer affairs
- Department of Labor
- Department of the Treasury
- Elementary and secondary education
- Employee benefits and pensions
- Financial literacy
- Income tax credits
- Income tax deductions
- Income tax deferral
- Sales and excise taxes
- Small business
- Taxation
- Teaching, teachers, curricula
Text 1
Each version as it was printed, newest first.
- Apr 14, 2011Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
