Retirement Savings and Security Act of 2005

Summary

Retirement Savings and Security Act of 2005 - Amends the Internal Revenue Code to: (1) permit tax-exempt retirement and employee benefit plans to include an automatic contribution arrangement; (2) revise the income limits for the tax credit for retirement savings contributions and extend such credit through 2010; (3) permit the contribution of up to $500 of unused health benefits under a health flexible spending arrangement to a qualified retirement plan or a deferred compensation plan; (4) permit direct payment of tax refunds to individual retirement accounts; and (5) exclude from gross income certain lifetime annuity payments; and (6) extend to six months the period for distributing excess contributions to qualified pension plans without penalty. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) allow for certain retirement plan rollovers and annuity distributions; (2) treat Indian tribal pension plans as tax-qualified governmental plans; and (3) allow for changes in pension plan investment options.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 June 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 June 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 June 2005

  Open at official source

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