3.0.0 546 2022-02-03T05:26:26Z 2022-02-03T05:26:26Z Senate S S 2005-03-08 109 ssfi00 Finance Committee Senate Standing Referred to 2005-03-08T15:45:13Z Retirement Savings Account Act 109 1162 HR 2005-03-08 Referred to the House Committee on Ways and Means. Identical bill CRS 2005-03-08 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250) IntroReferral 2005-03-08 Sponsor introductory remarks on measure. (CR S2246) IntroReferral B00100 9 Library of Congress 2005-03-08 Introduced in Senate IntroReferral 10000 9 Library of Congress T000162 Sen. Thomas, Craig [R-WY] CRAIG THOMAS R WY N K000352 Sen. Kyl, Jon [R-AZ] Jon Kyl R AZ Llewellyn 2005-03-08 True Taxation Annuities Cost of living adjustments Economics and Public Finance Excise tax Families Finance and Financial Sector Income tax Indexing (Economic policy) Individual retirement accounts Insurance premiums Labor and Employment Married people Pension funds Social Welfare Tax deductions Tax exclusion Tax penalties Tax-deferred compensation plans Taxation 00 2005-03-08 Introduced in Senate 2005-03-28T20:25:05Z 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.

]]> Retirement Savings Account Act Short Titles as Introduced Retirement Savings Account Act Display Title Retirement Savings Account Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for retirement savings accounts, and for other purposes. Introduced in Senate 2005-03-08T05:00:00Z 2005-03-08 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.