H.R. 5160 · 110th Congress
SAVE Act of 2008
- Stage
- In committee
- Sponsor
- Ron Kind
- Introduced
- 2008-01-29
- Latest action
- 2008-03-11 · Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Summary
Small Businesses Add Value for Employees Act of 2008 or the SAVE Act of 2008 - 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 withdrawal made from simple IRAs within the first two plan years; (4) allow additional nonelective employer contributions to simple IRAs; (5) establish automatic deferral IRAs; and (6) increase the tax credit for small employer pension plan startup costs.