Women's Retirement Security Act of 2008

To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to increase the retirement security of women and small business owners, and for other purposes.

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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Sponsor

• Thomas Allen
• and 6 Co-Sponsors
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Steve Cohen [D, TN-9]
  • Philip English
  • Rep. Gabrielle Giffords [D, AZ-8]
  • Rep. Jerry McNerney [D, CA-11]
  close

Committees

• House Ways and Means
• 1 more
  • House Education and Labor
  close

Amendments

This bill has no amendments.

Amendments to H.R.5543

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 06, 2008

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All Bill Actions

• Mar 06, 2008: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Mar 06, 2008: Referred to House Ways and Means
• Mar 06, 2008: Referred to House Education and Labor
• Introduced on Mar 06, 2008.

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Related Bills:

• S.1288

Related Issue Areas:

• Pensions
• Annuities
• Budgets
• Business
• 48 more
• Caregivers
• Children
• Consumer protection
• Consumers
• Counseling
• Disability insurance
• Disabled
• Divorce
• Excise tax
• Families
• Finance
• Financial planning
• Government information
• Government publications
• Grants-in-aid
• Health insurance
• Health policy
• Income tax
• Individual retirement accounts
• Insurance premiums
• Labor
• Long-term care insurance
• Married people
• Medical care
• Old age, survivors and disability insurance
• Part-time employment
• Payroll deductions
• Railroad retirement plans
• Self-employed
• Separation (Law)
• Small business
• Social security
• Standards
• Survivors' benefits
• Tax credits
• Tax deductions
• Tax exclusion
• Tax exemption
• Tax penalties
• Tax preparers
• Tax refunds
• Tax-deferred compensation plans
• Taxation
• Taxpayers
• Transportation
• Unemployment insurance
• Women
• Women's retirement

Data from the Congressional Research Service

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In the News

April 01, 2008 Local news briefs

HR 5543, or the Women's Retirement Security Act of 2008, creates new opportunities for women to invest and save for retirement. ...

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Source: GoErie.com, PA

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Blog Coverage

October 14, 2008 Automatic IRA's Address Lack Of Saving

Companion bills HR 5543 and S 1288 include a provision to require companies that have been in business for at least two years and have more than 10 employees to allow direct-deposit payroll deductions to IRAs. # ...

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Source: InjuryBoard National News Desk

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September 03, 2008 Glaucoma screening that can save eye sight.

Patients with Medicare coverage can receive annual glaucoma screening which is a paid benefit since January, 2002 when the Congressional Glaucoma Caucus successfully passed HR 5543. The Glaucoma Van Project is due in part to Advocate ...

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Source: www.chicagocornea.com

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September 03, 2008 Maria Rosselson,MD volunteers at Glaucoma Van Project

Patients with Medicare coverage can receive annual glaucoma screening which is a paid benefit since January, 2002 when the Congressional Glaucoma Caucus successfully passed HR 5543. The Glaucoma Van Project is due in part to Advocate ...

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Source: www.chicagocornea.com

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