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S 875 109th Congress Senate Labor and Employment Administrative procedure Annuities Defined contribution plans Department of Labor Employee rights Executive compensation Federal preemption Finance and Financial Sector Government Operations and Politics Investments Law Payroll deductions Pension funds State laws Tax-deferred compensation plans Taxation Wages

Save More for Retirement Act of 2005

Introduced: April 21, 2005 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 21, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120)
Apr 21, 2005
Sponsor introductory remarks on measure. (CR S4118-4119)
Apr 21, 2005
Introduced in Senate
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 Plain-English summary Congressional Research Service

Save More for Retirement Act of 2005 - Amends the Internal Revenue Code to provide that a 401(k) pension plan which provides for automatic enrollment of new employees shall be treated as meeting nondiscrimination requirements if employers contribute a specified amount to such plans, allow for earlier vesting of employee ownership, and provide certain notices to employees of their rights and obligations under such plans. Permits automatically-enrolled employees to opt out of plan participation.

Requires such plans to provide for annual increases in employee contributions up to a maximum level of ten percent of employee compensation.

Amends the Employee Retirement Income Security Act (ERISA) to: (1) preempt State laws that would prohibit or restrict automatic employee contributions; and (2) direct the Secretary of Labor to provide guidance, by regulations, to employers in selecting default investments for employees who elect not to direct the investment of their pension plan assets.

What's happening now April 21, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4119-4120)

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Schumer, Charles E.
New York · May 20, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). S. 875: Save More for Retirement Act of 2005. 109th Congress. Open America. https://openamerica.io/bill/109-S-875/
MLA
"S. 875: Save More for Retirement Act of 2005." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-875/.
Bluebook (legal)
S. 875, 109th Cong. (2026), https://openamerica.io/bill/109-S-875/.
Markdown link
[S. 875: Save More for Retirement Act of 2005](https://openamerica.io/bill/109-S-875/)
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