President Bush’s 2005 budget will include–in revised form–the Administration’s somewhat controversial savings plans first floated last year: Retirement Savings Accounts (RSAs), Lifetime Savings Accounts (LSAs), Employer Retirement Savings Accounts (ERSAs), and Individual Development Accounts (IDAs).

Last year’s proposal included contribution limits in RSA and LSA accounts of $7,500; the 2005 budget would decrease those limits to $5,000. Both RSAs and LSAs are available to all individuals, regardless of age or income.

ERSAs would consolidate 401(k), SIMPLE 401(k), 403(b), and 457 employer-based defined contribution accounts into a single type of plan.

And the brand new IDAs would create accounts with dollar-for-dollar matching contributions targeted at low-income individuals. Eligible individuals are single tax filers with incomes below $20,000, joint filers with incomes below $40,000, and head-of-household filers with incomes below $30,000.

Brian Graff, executive director of The American Society of Pension Actuaries (ASPA), in Arlington, Virginia, says the revised proposals will substantially reduce the cost to small business owners that establish and maintain retirement plans.”It’s critical that small business workers have the ability to participate in employer-sponsored retirement plans since studies prove that moderate income workers are much more likely to save in an employer-sponsored plan than in individual savings vehicles,” Graff said in a prepared statement.