To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes.
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.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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