3.0.0 3242 2023-01-11T13:41:48Z 2023-01-11T13:41:48Z Senate S 2018-07-19 115 ssfi00 Finance Committee Senate Standing Referred to 2018-07-19T15:30:31Z American Savings Account Act of 2017 115 1083 HR 2017-02-15 Referred to the House Committee on Ways and Means. Related bill CRS 2018-07-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-07-19 Introduced in Senate IntroReferral 10000 9 Library of Congress M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR N Labor and Employment 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 Labor and Employment 00 2018-07-19 Introduced in Senate 2018-07-30T15:07:49Z American Savings Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and 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.

]]> American Savings Act Display Title American Savings Act Official Title as Introduced A bill to establish an American Savings Account Fund and create a retirement savings plan available to all employees, and for other purposes. Introduced in Senate IS Short Titles as Introduced American Savings Act Introduced in Senate 2018-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3242is/xml/BILLS-115s3242is.xml 2018-07-19 Read twice and referred to the Committee on Finance. 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.