SAVE Act of 2009

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.

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

Timeline

1. 3 March 2010

   Introduced

   Referred to House Ways and Means

   Source: IntroReferral

2. 3 March 2010

   Introduced

   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.

   Source: IntroReferral

3. 3 March 2010

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 March 2010

   Introduced

   Introduced in House

   Source: IntroReferral

5. 22 March 2010

   Referred

   Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 March 2010 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 March 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 March 2010

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 3 March 2010

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kind, Ron [D-WI-3] · D · Sponsor
• Rep. Reichert, David G. [R-WA-8] · R · Sponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

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