H.R.5160 - SAVE Act of 2008

To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes. view all titles (3)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes. as introduced.
  • Short: SAVE Act of 2008 as introduced.
  • Short: Small Businesses Add Value for Employees Act of 2008 as introduced.

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Introduced
 
House
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Senate
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President
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01/29/08
 
 
 
 
 
 
 

Official Summary

Small Businesses Add Value for Employees Act of 2008 or the SAVE Act of 2008 - Amends Internal Revenue Code provisions relating to employer-established simple individual retirement accounts (IRAs) to: (1) repeal certain restrictions on rollovers from simple IRAs: (2) allow employers to elec

Official Summary

Small Businesses Add Value for Employees Act of 2008 or the SAVE Act of 2008 - Amends Internal Revenue Code provisions relating to employer-established simple individual retirement accounts (IRAs) to:
(1) repeal certain restrictions on rollovers from simple IRAs:
(2) allow employers to elect to terminate qualified salary reduction arrangements at any time during the year;
(3) repeal the enhanced 25% penalty on premature withdrawal made from simple IRAs within the first two plan years;
(4) allow additional nonelective employer contributions to simple IRAs;
(5) establish automatic deferral IRAs; and
(6) increase the tax credit for small employer pension plan startup costs.

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