3.0.0 4922 2023-01-11T13:15:28Z 2023-01-11T13:15:28Z House H HR 2007-12-19 110 hsgo00 Oversight and Accountability Committee House Standing Referred to 2007-12-19T15:05:25Z hswm00 Ways and Means Committee House Standing Referred to 2007-12-19T15:05:20Z 2007-12-19 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2007-12-19 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2007-12-19 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-12-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-12-19 Introduced in House IntroReferral 1000 9 Library of Congress S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 N Labor and Employment Armed Forces and National Security Civil service retirement Congress Congressional reporting requirements Disability insurance Disabled Employers' liability Federal employees Finance and Financial Sector Financial statements Fines (Penalties) Government Operations and Politics Government paperwork Government publicity Health Income tax Interest Law Legislation Life insurance Long-term care insurance Military pensions Military personnel Old age, survivors and disability insurance Payroll deductions Self-employed Social Welfare Social security eligibility Social security taxes Tax deductions Tax exclusion Tax penalties Tax returns Taxation Trusts and trustees Labor and Employment 00 2007-12-19 Introduced in House 2008-03-10T14:43:01Z Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account. Defines such an account as a trust created exclusively for the benefit of an individual or his or her beneficiaries. Requires: (1) employers of electing employees to establish a payroll deduction program to make employee contributions (6.2% of wages) to such accounts; and (2) employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts.

Directs the Office of Personnel Management (OPM) to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian and military employees.

Amends the Internal Revenue Code to exempt S.A.F.E. accounts from income taxation. Allows a tax deduction from gross income for cash contributions to such an account. Includes distributions from such an account in employee gross income, with specified exceptions for distributions after age 59 1/2 or death, purchase of certain insurance contracts, and rollovers.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt S.A.F.E. account participants from social security taxes and exclude such participants from old age, survivors and disability insurance coverage.

]]> Savings Account for Every American Act of 2007 Display Title Savings Account for Every American Act of 2007 Short Titles as Introduced Savings Account for Every American Act of 2007 Official Title as Introduced To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes. Introduced in House 2007-12-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4922ih/xml/BILLS-110hr4922ih.xml 2007-12-19 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.