Official Summary

3/6/2008--Introduced.Women's Retirement Security Act of 2008 - 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

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Official Summary

3/6/2008--Introduced.
Women's Retirement Security Act of 2008 - 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.
Amends the Internal Revenue Code to:
(1) allow a tax deduction for long-term care insurance premiums;
(2) allow a phased-in tax credit ($1,000 in 2008, increasing by $500 each year to $3,000 in 2012) for family caregivers of spouses and dependents who have long-term care needs;
(3) apply certain consumer protection standards to long-term care insurance contracts; and
(4) allow tax-free exchanges of such contracts.


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