3.0.0 5731 2023-01-11T13:33:25Z 2023-01-11T13:33:25Z House HR 2016-07-12 114 [Congressional Record Volume 162, Number 112 (Tuesday, July 12, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CROWLEY:H.R. 5731.Congress has the power to enact this legislation pursuantto the following:Clause 1 Section 8 of Article 1:The Congress shall have the power to lay and collect Taxes,Duties, Imposts, and Excises, to pay the Debts, and providefor the common Defence and general Welfare of the UnitedStates; but all Duties, Imposts and Excises shall be uniformthroughout the United States.[Page H4815]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-07-12T14:01:50Z 2016-07-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-07-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-07-12 Introduced in House IntroReferral 1000 9 Library of Congress C001038 Rep. Crowley, Joseph [D-NY-14] JOSEPH CROWLEY D NY 14 N Taxation Business expenses Employee benefits and pensions Executive agency funding and structure Financial services and investments Government trust funds Income tax credits Income tax deductions Income tax deferral Small business Wages and earnings Taxation 00 2016-07-12 Introduced in House 2017-03-15T14:17:33Z Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or the SAVE UP Act

This bill amends the Internal Revenue Code to establish the SAVE UP Account program to provide tax-exempt retirement accounts to employees who are not otherwise eligible for certain retirement plans.

The bill establishes: (1) a board of trustees to create and manage the accounts, (2) a board of governors to establish policies for the investment and management of fund assets, and (3) a trust fund and accounts in the Treasury for the program.

An employer must establish an account contribution program if: (1) the employer's aggregate number of employee hours of service during the preceding year was at least 1,600; (2) the employer does not offer a retirement plan to all employees. Government entities and churches are exempt from this requirement.

Under the contribution program, employers must: (1) contribute at least 50 cents per hour worked by the employee; and (2) make automatic contributions on behalf of employees who do not opt-out, beginning with 3% of wages and eventually increasing to 5%.

The bill sets forth requirements for: (1) determining an employee's share of positive net investment returns, and (2) paying benefits from the accounts in the form of an annuity

The bill allows a tax credit for certain small employers who elect to set up contribution programs for their employees.

If an employer fails to maintain a required contribution program, the bill disallows the deduction for compensation for services performed by employees of the employer.

]]> SAVE UP Act Display Title SAVE UP Act Short Titles as Introduced SAVE UP Act Short Titles as Introduced Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act Official Title as Introduced To establish SAVE UP Accounts, and for other purposes. Introduced in House 2016-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5731ih/xml/BILLS-114hr5731ih.xml 2016-07-12 Referred to the House Committee on Ways and Means. 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.