S. 546 · 109th Congress
Retirement Savings Account Act
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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
ThomasSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year.
What it does: CRS summary · Introduced in Senate · Mar 8, 2005
Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year.
Allows tax free distributions from RSAs after the account beneficiary attains age 58, dies, or becomes disabled.. Allows conversions of individual retirement accounts (IRAs) into RSAs and provides special rules for the tax treatment of amounts converted into an RSA prior to 2007. Requires a five-year holding period for amounts converted to an RSA from an IRA or an Employer Retirement Savings Account.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Savings Account Act
Latest action (Mar 8, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250)
Policy area: Taxation · Origin: Senate · Introduced: Mar 8, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.