H.R. 3069 · 109th Congress
Savings Account for Every American Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SessionsSponsorNo cosponsors.
Savings Account for Every American Act of 2005 - Allows employees and self-employed individuals with a social security number to elect participation, on or after January 1, 2006, in a retirement savings program, to be known as S.A.F.E. accounts.
What it does: CRS summary · Introduced in House · Jun 24, 2005
Savings Account for Every American Act of 2005 - Allows employees and self-employed individuals with a social security number to elect participation, on or after January 1, 2006, in a retirement savings program, to be known as S.A.F.E. accounts. Requires employers of electing employees to establish a payroll deduction program to make employee contributions (6.2 percent of wages) to such accounts. Requires employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts.
Directs the Office of Personnel Management to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian and military employees.
Amends the Internal Revenue Code to exempt S.A.F.E. accounts from income taxation. Allows a tax deduction from gross income for cash contributions to such an account. Includes distributions from such an account in employee gross income, with specified exceptions for distributions after age 59 1/2 or death, purchase of certain insurance contracts, and rollovers.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt S.A.F.E. account participants from social security taxes and exclude such participants from old age, survivors and disability insurance coverage.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Savings Account for Every American Act of 2005
Latest action (Jun 24, 2005): Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Labor and Employment · Origin: House · Introduced: Jun 24, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.