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S. 875 · 109th Congress

Save More for Retirement Act of 2005

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

JBD BingamanSponsor
9 cosponsors · 8 D, 1 R
JLD Lieberman BOD Obama OSR Snowe CSD Schumer BND Nelson JKD Kerry FLD Lautenberg DFD Feinstein THD Harkin

3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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…

What it does: CRS summary · Introduced in Senate · Apr 21, 2005

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Save More for Retirement Act of 2005

Latest action (Apr 21, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120)

Policy area: Labor and Employment · Origin: Senate · Introduced: Apr 21, 2005

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.