H.R. 5450 · 114th Congress
American Savings Account Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HuffmanSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Jun 10, 2016
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: American Savings Account Act of 2016
Latest action (Jun 10, 2016): Referred to the House Committee on Ways and Means.
Policy area: Labor and Employment · Origin: House · Introduced: Jun 10, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.