Retirement Enhancement Revenue Act of 2001

Retirement Enhancement Revenue Act of 2001 - Amends the Internal Revenue Code, with respect to public employee pension plans, to set forth additional reporting and disclosure requirements and provide for the review of employee contribution changes by qualified review boards.

Establishes: (1) a limited refundable credit to certain individuals for elective deferrals and IRA contributions; and (2) a limited credit for qualified pension plan contributions of small employers.

Makes additional revisions to pension provisions, including: (1) requiring 401(k) plans to be offered to all eligible employees and to meet minimum coverage requirements; (2) increasing from the age of 70-and-one-half to age 75 the requirement to begin mandatory pension distributions; (3) permitting a statutory exemption from prohibited transaction rules for emergent transactions; (4) permitting loans from a pension plan for involuntarily separated employees for health insurance and job training expenses; and (5) permitting a prohibited transaction exemption for providing investment advice.