Flexible Retirement Security for Life Act of 2005
Latest action. Referred to the House Committee on Ways and Means.
Flexible Retirement Security for Life Act of 2005 - Amends the Internal Revenue Code to exclude from gross income up to 50 percent of certain guaranteed lifetime annuity payments. Phases in the allowable dollar amount of such exclusion, beginning at $1,000 in 2006 and increasing to $20,000 in 2015 or thereafter. Provides for an inflation adjustment of the $20,000 exclusion amount beginning in 2016.
Allows a tax exclusion for payments from an annuity or life insurance contract used to obtain coverage under a qualified long-term care insurance contract that is part of such annuity or life insurance contract.
Provides for tax-free exchanges of life insurance, endowment, and annuity contracts for long-term care contracts. Allows tax-exempt annuity and life insurance contracts to include qualified long-term care insurance contracts.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on September 27, 2005. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 27, 2005: Referred to the House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
NANCY JOHNSON (R-CT) introduced it on September 27, 2005, and 2 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 27, 2005, 7653 days ago. The most recent recorded action was 7653 days ago, on September 27, 2005.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers