S. 1288 · 110th Congress
Women's Retirement Security Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SmithSponsor4 cosponsors · 3 D, 1 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Women's Retirement Security Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not provide retirement plans for their employees to allow eligible employees to participate in a payroll deposit individual retirement account arrangement (automatic IRA); (2) expand eligibility for the tax credit for retirement savings…
What it does: CRS summary · Introduced in Senate · May 3, 2007
Women's Retirement Security Act of 2007 - Amends the Internal Revenue Code to: (1) require certain small employers who do not provide retirement plans for their employees to allow eligible employees to participate in a payroll deposit individual retirement account arrangement (automatic IRA); (2) expand eligibility for the tax credit for retirement savings contributions (saver's credit) and make such credit refundable; (3) allow certain part-time employees to participate in qualified cash or deferred arrangements; (4) allow the transfer of up to $500 of unused health plan benefits to qualified retirement plans; (5) treat wage replacement income (e.g., disability pay or unemployment compensation) as earned income for purposes of IRA contribution limits; (6) allow a limited tax exclusion for certain lifetime annuity payments and for qualified retirement planning services; (7) allow certain small employers a tax credit for contributions to employee pension plans; and (8) allow self-employed individuals to deduct pension plan contributions from their self-employment income.
Sets forth special rules for: (1) preservation of retirement plan assets distributed under a qualified domestic relations order; (2) eligibility of surviving and divorced spouses for benefits under the Railroad Retirement Act; and (3) military retired pay subject to court orders in domestic relations proceedings.
Authorizes the Secretary of the Treasury to make grants to qualified low-income taxpayer clinics to provide retirement savings counseling to low-income taxpayers.
Requires the Commissioner of Social Security to prepare a financial reference handbook and a retirement readiness checklist for distribution to social security recipients.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Women's Retirement Security Act of 2007
Latest action (May 3, 2007): Read twice and referred to the Committee on Finance.
Policy area: Labor and Employment · Origin: Senate · Introduced: May 3, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.