Emergency Savings Relief Act of 2005

[AI summary unavailable — showing source text] Emergency Savings Relief Act of 2005 - Amends the Internal Revenue Code to exempt a qualified Katrina-relief distribution from the 10 percent penalty for premature retirement plan distributions. Defines "qualified Katrina-relief distribution" as one made after August 24, 2005, and before the end of six months after enactment of this Act from a tax-qualified retirement plan for an individual who encounters hardship by reason of Hurricane Katrina. Permits repayments of qualified Katrina-relief distributions to an individual retirement plan within five years of the initial distribution.…