PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 30, 2005
Retirement Savings and Security Act of 2005 - Amends the Internal Revenue Code to: (1) permit tax-exempt retirement and employee benefit plans to include an automatic contribution arrangement; (2) revise the income limits for the tax credit for retirement savings contributions and extend such credit through 2010; (3) permit the contribution of up to $500 of unused health benefits under a health flexible spending arrangement to a qualified retirement plan or a deferred compensation plan; (4) permit direct payment of tax refunds to individual retirement accounts; and (5) exclude from gross income certain lifetime annuity payments; and (6) extend to six months the period for distributing excess contributions to qualified pension plans without penalty.
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) allow for certain retirement plan rollovers and annuity distributions; (2) treat Indian tribal pension plans as tax-qualified governmental plans; and (3) allow for changes in pension plan investment options.
People & committees
Sen. Smith, Gordon H. [R-OR] · R–OR
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.
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