US HB5450 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on June 10 2016 - 25% progression, died in committee
Action: 2016-06-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 10 2016 - 25% progression, died in committee
Action: 2016-06-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
American Savings Account Act of 2016 This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a new retirement option for all employees and self-employed individuals to be known as the American Savings Account Fund. This fund operates in a manner similar to the Thrift Savings Fund, which is available to federal employees. The bill establishes an American Savings Account Board of Directors to establish policies for fund investment and management. The board shall select or establish a list of investment funds and options similar to those in the Thrift Savings Fund, among which participants may choose. The board shall establish an American Savings Account Fund Advisory Council to advise the board on matters relating to investment policies. The American Savings Account Fund is tax-exempt and contributions to, or distributions from, it are excludible from gross income.
Title
American Savings Account Act of 2016
Sponsors
Rep. Jared Huffman [D-CA] | Rep. Suzanne Bonamici [D-OR] |
History
Date | Chamber | Action |
---|---|---|
2016-06-10 | House | Referred to the House Committee on Ways and Means. |
2016-06-10 | House | Introduced in House |
Same As/Similar To
SB2472 (Related) 2016-01-28 - Read twice and referred to the Committee on Finance.
Subjects
Administrative law and regulatory procedures
Advisory bodies
Department of Labor
Employee benefits and pensions
Financial services and investments
Income tax deferral
Income tax exclusion
Labor and employment
Self-employed
Advisory bodies
Department of Labor
Employee benefits and pensions
Financial services and investments
Income tax deferral
Income tax exclusion
Labor and employment
Self-employed
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5450/all-info |
Text | https://www.congress.gov/114/bills/hr5450/BILLS-114hr5450ih.pdf |