Women's Retirement Security Act of 2008

Bill: 110-hr-5543
Sponsor: Rep. Allen, Thomas H. [D-ME-1]
Introduced: 2008-03-06 in the House
Policy area: Labor and Employment
Subjects: Annuities
Caregivers
Commerce
Consumer protection
Counseling
Disability insurance
Disabled
Divorce
Economics and Public Finance
Excise tax
Families
Finance and Financial Sector
Financial planning
Government Operations and Politics
Government publications
Grants-in-aid
Health
Health insurance
Income tax
Individual retirement accounts
Insurance premiums
Long-term care insurance
Married people
Old age, survivors and disability insurance
Part-time employment
Payroll deductions
Railroad retirement plans
Self-employed
Separation (Law)
Small business
Social Welfare
Standards
Survivors' benefits
Tax credits
Tax deductions
Tax exclusion
Tax exemption
Tax penalties
Tax preparers
Tax refunds
Tax-deferred compensation plans
Taxation
Taxpayers
Transportation and Public Works
Unemployment insurance
Women
Women's retirement

Summary:
action_date: 2008-03-06
text: 
Women's Retirement Security Act of 2008 - 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.

Amends the Internal Revenue Code to: (1) allow a tax deduction for long-term care insurance premiums; (2) allow a phased-in tax credit ($1,000 in 2008, increasing by $500 each year to $3,000 in 2012) for family caregivers of spouses and dependents who have long-term care needs; (3) apply certain consumer protection standards to long-term care insurance contracts; and (4) allow tax-free exchanges of such contracts.


Legislative actions:
action_date: 2008-03-06
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-03-06
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-03-06
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-03-06
text: Introduced in House
action_date: 2008-03-06
text: Introduced in House