3.0.0 2109 2019-11-15T21:11:03Z 2019-11-15T21:11:03Z House H HR 2011-06-03 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SESSIONS:H.R. 2109.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 to allow Congress to regulate theindividuals and business contributions to the Social SecurityTrust Fund.[Page H4036]]]> hsgo00 Oversight and Accountability Committee House Standing hsgo25 Information Technology Subcommittee Referred to 2011-06-20T14:29:31Z Referred to 2011-06-03T13:03:30Z hswm00 Ways and Means Committee House Standing Referred to 2011-06-03T13:03:25Z 2011-06-20 hsgo25 Information Technology Subcommittee 1 House committee actions Referred to the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy . Committee 2011-06-03 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 2011-06-03 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 2011-06-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-06-03 Introduced in House IntroReferral 1000 9 Library of Congress S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 N B001243 Rep. Blackburn, Marsha [R-TN-7] Marsha Blackburn R TN 7 2011-06-03 True B001149 Rep. Burton, Dan [R-IN-5] DAN BURTON R IN 5 2011-06-03 True T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2011-06-03 True 2011-07-08 S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2011-06-03 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2011-06-03 True H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2011-06-03 True Labor and Employment Employee benefits and pensions Government employee pay, benefits, personnel management Government information and archives Government studies and investigations Health care costs and insurance Income tax deductions Income tax exclusion Life, casualty, property insurance Long-term, rehabilitative, and terminal care Self-employed Social security and elderly assistance Veterans' pensions and compensation Labor and Employment 00 2011-06-03 Introduced in House 2011-06-23T15:33:59Z Savings Account for Every American Act of 2011 - 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 how to extend 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 the Social Security retirement age or death, for purchase of certain insurance contracts, and for rollovers.

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) 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 OASDI coverage.

]]> Savings Account for Every American Act of 2011 Short Titles as Introduced Savings Account for Every American Act of 2011 Display Title Savings Account for Every American Act of 2011 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 2011-06-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2109ih/xml/BILLS-112hr2109ih.xml 2011-06-20 Referred to the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy . 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.