US SB2472 | 2015-2016 | 114th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 28 2016 - 25% progression, died in committee
Action: 2016-01-28 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance 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.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

American Savings Account Act of 2016

Sponsors


History

DateChamberAction
2016-01-28SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB5450 (Related) 2016-06-10 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments

feedback