Women's Retirement Security Act of 2007

A bill 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.

5/3/2007--Introduced.
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.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Gordon Smith [R, OR]
• and 4 Co-Sponsors
  • Sen. Jeff Bingaman [D, NM]
  • Sen. Kent Conrad [D, ND]
  • Sen. John Kerry [D, MA]
  • Sen. Olympia Snowe [R, ME]
  close

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1288

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 03, 2007

Show All Actions (4 actions)Hide Actions

All Bill Actions

• May 03, 2007: Read twice and referred to the Committee on Finance.
• May 03, 2007: Sponsor introductory remarks on measure. (CR S5580)
• Introduced on May 03, 2007.
• May 03, 2007: Introductory remarks on measure. (CR S5580)

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Related Bills:

• H.R.5543

Related Issue Areas:

• Pensions
• Annuities
• Budgets
• Business
• 39 more
• Counseling
• Disability insurance
• Disabled
• Divorce
• Families
• Finance
• Financial planning
• Government information
• Government publications
• Grants-in-aid
• Health insurance
• Health policy
• Income tax
• Individual retirement accounts
• Labor
• Medical care
• Military pensions
• Old age, survivors and disability insurance
• Part-time employment
• Payroll deductions
• Railroad retirement plans
• Self-employed
• Separation (Law)
• Small business
• Social security
• Survivors' benefits
• Tax credits
• Tax deductions
• Tax exclusion
• Tax preparers
• Tax refunds
• Tax-deferred compensation plans
• Taxation
• Taxpayers
• Transportation
• Unemployment insurance
• Veterans
• Women
• Women's retirement

Data from the Congressional Research Service

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Blog Coverage

January 03, 2008 Debate over compact legislation

Massachusetts Nurses Association (MNA) is mounting opposition for new proposed legislation (S.1288) that would require the state to join a multi-state license compact. Compacts are not new in nursing licensure. MNA has several arguments ...

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Source: Nursing Journal

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July 04, 2007 Civic duties, part iowa senate

I urge you to vote in favor of Bill # S.1288. This bill would help women and small business owners to assist themselves and their employees in preparing for retirement, lessening the burden on the closely-approaching-defunct Social ...

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Source: Start at the beginning...

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July 04, 2007 Civic duties, part governor

I urge you to sign in favor of Bill # S.1288. This bill would help women and small business owners to assist themselves and their employees in preparing for retirement, lessening the burden on the closely-approaching-defunct Social ...

Was this article useful? Yes or No

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