US HB4742 | 2009-2010 | 111th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on March 3 2010 - 25% progression, died in committee
Action: 2010-03-22 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 3 2010 - 25% progression, died in committee
Action: 2010-03-22 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Small Businesses Add Value for Employees Act of 2009 [sic] or the SAVE Act of 2009 [sic] - 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) allow 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.
Title
SAVE Act of 2009
Sponsors
Rep. Ron Kind [D-WI] | Rep. David Reichert [R-WA] |
History
Date | Chamber | Action |
---|---|---|
2010-03-22 | Referred to the Subcommittee on Health, Employment, Labor, and Pensions. | |
2010-03-03 | Referred to House Education and Labor | |
2010-03-03 | Referred to House Ways and Means | |
2010-03-03 | Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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. |
Subjects
Elementary and secondary education
Employee benefits and pensions
Financial literacy
Income tax credits
Sales and excise taxes
Small business
Taxation
Teaching, teachers, curricula
Employee benefits and pensions
Financial literacy
Income tax credits
Sales and excise taxes
Small business
Taxation
Teaching, teachers, curricula
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/4742/all-info |
Text | https://www.congress.gov/111/bills/hr4742/BILLS-111hr4742ih.pdf |