Jerry McNerney on Social Security Democrat

$712 billion for private accounts puts future in danger

Require small businesses to allow automatic IRA deposits.

Women's Retirement Security Act of 2008: To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to increase the retirement security of women and small business owners. Amends the Internal Revenue Code to:

1. require certain small employers who do not provide retirement plans for their employees to allow eligible employees to participate in a payroll deposit individual retirement account arrangement (automatic IRA);
2. expand eligibility for the tax credit for retirement savings contributions (saver's credit) and make such credit refundable;
3. allow part-time employees to participate in qualified cash or deferred arrangements;
4. allow the transfer of up to $500 of unused health plan benefits to qualified retirement plans;
5. treat wage replacement income (e.g., disability pay or unemployment compensation) as earned income for purposes of IRA contribution limits; and
6. allow self-employed individuals to deduct pension plan contributions from their self-employment income.