Save More for Retirement Act of 2005

Summary

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.

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Timeline

1. 21 April 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 21 April 2005

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120)

   Source: IntroReferral

3. 21 April 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S4118-4119)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 April 2005 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 April 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 April 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 April 2005

  Open at official source

Sponsors

• Sen. Bingaman, Jeff [D-NM] · D · Sponsor
• Rep. Snowe, Olympia J. [R-ME-2] · R · Sponsor
• Sen. Lieberman, Joseph I. [D-CT] · D · Sponsor
• Sen. Obama, Barack [D-IL] · D · Sponsor
• Charles Schumer · D · Cosponsor
• Rep. Nelson, Bill [D-FL-11] · D · Cosponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Cosponsor
• Rep. Harkin, Tom [D-IA-5] · D · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.