3.0.0 1961 2020-02-10T16:51:01Z 2020-02-10T16:51:01Z House H HR 2005-04-28 109 hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2005-05-31T19:10:51Z Referred to 2005-04-28T14:09:20Z hswm00 Ways and Means Committee House Standing Referred to 2005-04-28T14:09:15Z Pension Preservation and Savings Expansion Act of 2005 109 1960 HR 2005-05-31 Referred to the Subcommittee on Employer-Employee Relations. Related bill CRS 2005-05-31 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Employer-Employee Relations. Committee 2005-04-28 Referred 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2005-04-28 Referred 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. IntroReferral H11100-A 9 Library of Congress 2005-04-28 Referred 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-04-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-28 Introduced in House IntroReferral 1000 9 Library of Congress C000141 Rep. Cardin, Benjamin L. [D-MD-3] Ben Cardin D MD 3 N T000057 Rep. Tauscher, Ellen O. [D-CA-10] ELLEN TAUSCHER D CA O. 10 2005-06-09 False Labor and Employment Bankruptcy Commerce Excise tax Executive compensation Finance and Financial Sector Golden parachutes Income tax Individual retirement accounts Pension funds Tax credits Tax penalties Tax-deferred compensation plans Taxation Labor and Employment 00 2005-04-28 Introduced in House 2005-06-03T18:43:31Z 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.

]]> Pension Preservation and Savings Expansion Act of 2005 Short Titles as Introduced Pension Preservation and Savings Expansion Act of 2005 Display Title Pension Preservation and Savings Expansion Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to expand pension coverage and savings opportunities and to provide other pension reforms. Introduced in House 2005-04-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1961ih/xml/BILLS-109hr1961ih.xml 2005-05-31 Referred to the Subcommittee on Employer-Employee Relations. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.