H.R.1508 - 401(k) Automatic Enrollment Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Emanuel, Rahm [D-IL-5] (Introduced 04/06/2005)|
|Committees:||House - Education and the Workforce; Ways and Means|
|Latest Action:||07/20/2005 Sponsor introductory remarks on measure.|
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- Labor and Employment
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Summary: H.R.1508 — 109th Congress (2005-2006)All Bill Information (Except Text)
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.