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HOUSE 1083115th CongressReferred to the House Committee on Ways and Means.

American Savings Account Act of 2017

Last Action
2/15/2017

Actions

  • 2017-02-15Referred to the House Committee on Ways and Means.
  • 2017-02-15Introduced in House
  • 2017-02-15Introduced in House

CRS Summary

As of 2017-02-15 (00)

American Savings Account Act of 2017

This bill amends the Internal Revenue Code 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.

Cosponsors (19)

  • Suzanne Bonamici (D-OR)
  • ZOE LOFGREN (D-CA)
  • GRACE NAPOLITANO (D-CA)
  • John Garamendi (D-CA)
  • BARBARA LEE (D-CA)
  • MIKE THOMPSON (D-CA)
  • Juan Vargas (D-CA)
  • Ted Lieu (D-CA)
  • Mark Takano (D-CA)
  • GREGORY MEEKS (D-NY)
  • JOHN CONYERS (D-MI)
  • ROSA DELAURO (D-CT)
  • Julia Brownley (D-CA)
  • Gwen Moore (D-WI)
  • Mark DeSaulnier (D-CA)
  • Nanette Barragan (D-CA)
  • MICHAEL CAPUANO (D-MA)
  • Tony Cárdenas (D-CA)
  • Keith Ellison (D-MN)

Subjects

  • Administrative law and regulatory procedures
  • Advisory bodies
  • Department of Labor
  • Employee benefits and pensions
  • Financial services and investments
  • Income tax deferral
  • Income tax exclusion
  • Self-employed
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.