3.0.0 875 2022-02-03T05:35:12Z 2022-02-03T05:35:12Z Senate S S 2005-04-21 109 ssfi00 Finance Committee Senate Standing Referred to 2005-04-21T22:01:22Z 2005-04-21 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120) IntroReferral 2005-04-21 Sponsor introductory remarks on measure. (CR S4118-4119) IntroReferral B00100 9 Library of Congress 2005-04-21 Introduced in Senate IntroReferral 10000 9 Library of Congress B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2005-04-21 True L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. 2005-04-21 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2005-04-21 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2005-05-20 False N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2005-06-13 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2005-06-29 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2005-06-30 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2005-09-12 False F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2005-09-12 False Labor and Employment Administrative procedure Annuities Defined contribution plans Department of Labor Employee rights Executive compensation Federal preemption Finance and Financial Sector Government Operations and Politics Investments Law Payroll deductions Pension funds State laws Tax-deferred compensation plans Taxation Wages Labor and Employment 00 2005-04-21 Introduced in Senate 2005-06-04T15:51:31Z Save More for Retirement Act of 2005 - Amends the Internal Revenue Code to provide that a 401(k) pension plan which provides for automatic enrollment of new employees shall be treated as meeting nondiscrimination requirements if employers contribute a specified amount to such plans, allow for earlier vesting of employee ownership, and provide certain notices to employees of their rights and obligations under such plans. Permits automatically-enrolled employees to opt out of plan participation.

Requires such plans to provide for annual increases in employee contributions up to a maximum level of ten percent of employee compensation.

Amends the Employee Retirement Income Security Act (ERISA) to: (1) preempt State laws that would prohibit or restrict automatic employee contributions; and (2) direct the Secretary of Labor to provide guidance, by regulations, to employers in selecting default investments for employees who elect not to direct the investment of their pension plan assets.

]]> Save More for Retirement Act of 2005 Short Titles as Introduced Save More for Retirement Act of 2005 Display Title Save More for Retirement Act of 2005 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to increase participation in section 401(k) plans through automatic contribution trusts, and for other purposes. Introduced in Senate 2005-04-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s875is/xml/BILLS-109s875is.xml 2005-04-21 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120) 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.