Sen. Max Baucus, D-Mont., has introduced his own version of the pension reform bills now in a House-Senate conference committee.

The Baucus version, S. 2431, the Savings Competitiveness Act, would include many of the provisions from the bills before the conference committee, but it also would create a $50,000 exemption from minimum distribution requirements for retirees with modest savings.

Other S. 2431 provisions would:

- Offer small employers a tax credit for employer contributions to new retirement plans.

- Create a 50% matching contribution for low-income retirement plan members.

- Simplify distribution rules for individual retirement accounts and 401(k) plans.

- Establish “secure” IRAs with limited investment options and fees, to ease investment decisions and educational efforts.

- Start a system of Young Saver’s Accounts, which parents could use to set up Roth IRAs for children under age 18. The savings could be used penalty-free for first-home purchases and college expenses as well as for retirement.

Baucus is the most senior Democrat on the Senate Finance Committee.