Summary: H.R.1508 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.1508. Bill summaries are authored by CRS.

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Introduced in House (04/06/2005)

401(k) Automatic Enrollment Act of 2005 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) to permit 401(k) pension plans to include an automatic enrollment arrangement.

Preempts State laws that would preclude automatic enrollments or automatic rollovers in tax-exempt pension plans.

Limits the duties and liabilities of fiduciaries with respect to automatic rollovers of 401(k) pension plan assets.

Requires notice applicable to alternative methods of meeting nondiscrimination requirements for matching contributions to 401(k) plans semiannually (currently, annually).

Directs the Secretaries of the Treasury and of Labor to report jointly to Congress on low-cost individual retirement plans.