Pension Preservation and Savings Expansion Act of 2005

Summary

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. Renames Roth IRAs as Retirement Savings Accounts (RSAs) and allows for direct rollovers from qualified retirement plans to RSAs. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 April 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 April 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 28 April 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.