A bill to amend the Internal Revenue Code of 1986 to increase participation and savings in cash or deferred plans through automatic contribution and default investment arrangements, and for other purposes.
Making Savings Automatic Act of 2005 - Amends the Internal Revenue Code to allow: (1) automatic payments to employee pension plans; (2) direct payments of tax refunds to individual retirement plans; (3) a business tax credit for employer costs of a salary reduction arrangement.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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