3.0.0 3912 2023-01-13T04:50:08Z 2023-01-13T04:50:08Z House H HR 2005-09-27 109 hswm00 Ways and Means Committee House Standing Referred to 2005-09-27T16:33:10Z Retirement Security for Life Act of 2005 109 819 HR 2005-02-15 Referred to the House Committee on Ways and Means. Related bill CRS Retirement Security for Life Act of 2005 109 381 S 2005-02-15 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1423-1424) Related bill CRS 2005-09-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-09-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-09-27 Introduced in House IntroReferral 1000 9 Library of Congress J000163 Rep. Johnson, Nancy L. [R-CT-5] NANCY JOHNSON R CT L. 5 N J000284 Rep. Jones, Stephanie Tubbs [D-OH-11] STEPHANIE JONES D OH TUBBS 11 2005-09-27 True E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2005-09-27 True Taxation Annuities Cost of living adjustments Economics and Public Finance Finance and Financial Sector Health Income tax Indexing (Economic policy) Insurance premiums Labor and Employment Life insurance Long-term care insurance Tax exclusion Tax-deferred compensation plans Taxation 00 2005-09-27 Introduced in House 2005-11-09T21:07:17Z 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.

]]> Flexible Retirement Security for Life Act of 2005 Display Title Flexible Retirement Security for Life Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by excluding from income a portion of such payments. Introduced in House IH Short Titles as Introduced Flexible Retirement Security for Life Act of 2005 Introduced in House 2005-09-27T04:00:00Z 2005-09-27 Referred to the House Committee on Ways and Means. 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.