US Congress House Bill 5450 (Prior Session Legislation)

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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]

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.

American Savings Account Act of 2016

Rep. Jared Huffman [D-CA]

Rep. Suzanne Bonamici [D-OR]

Date	Chamber	Action
2016-06-10	House	Referred to the House Committee on Ways and Means.
2016-06-10	House	Introduced in House

SB2472 (Related) 2016-01-28 - Read twice and referred to the Committee on Finance.

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