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H.R. 1534 (112th): SAVE Act of 2011

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

4/14/2011--Introduced. Small Businesses Add Value for Employees Act of 2011 or the SAVE Act of 2011 - 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 withdrawals made from simple IRAs within the first two plan years, (4) allow additional nonelective employer contributions to simple IRAs, (5) establish automatic deferral IRAs, (6) allow a transfer of unused balances in flexible spending arrangements to a qualified retirement or eligible deferred compensation plan, (7) increase the tax credit for small employer pension plan startup costs, and (8) establish multiple small employer retirement plans that provide for automatic employee contributions.

Requires the Office of Financial Education of the Department of the Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans.

Requires the Secretaries of the Treasury and Labor to develop recommendations for small businesses to improve retirement outcomes.

Requires the Secretary of the Treasury, in consultation with the Secretary of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) permit payroll deduction plans for individual retirement accounts or annuities, and (2) require disclosures relating to lifetime income from pension plans and annuities.