S. 3951 (109th): Women’s Retirement Security Act of 2006

Introduced:
Sep 27, 2006 (109th Congress, 2005–2006)
Sponsor:
Sen. Gordon Smith [R-OR]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 1288 (110th) on May 03, 2007.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on September 27, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 27, 2006
Referred to Committee Sep 27, 2006
Cosponsors
3 cosponsors (3D) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

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.

Summary

No summaries available.

Text

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Last updated Sep 27, 2006.
100 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/27/2006--Introduced.
Women's Retirement Security Act of 2006 - 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) increase the tax credit for retirement savings contributions (saver's credit) for certain low-income taxpayers;
(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 rollover of military death benefits to IRAs and other benefit plans;
(7) allow a limited tax exclusion for certain lifetime annuity payments;
(8) allow certain small employers a tax credit for contributions to employee pension plans;
(9) allow self-employed individuals to deduct pension plan contributions from their self-employment income; and
(10) allow employees a tax exclusion for qualified retirement planning services.
Allows divorced spouses and widows and widowers to remarry after attaining age 60 without losing retirement benefits under the Railroad Retirement Act. 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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 84