H.R.3069 - Savings Account for Every American Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Sessions, Pete [R-TX-32] (Introduced 06/24/2005)|
|Committees:||House - Ways and Means; Government Reform|
|Latest Action:||06/24/2005 Referred to House Government Reform (All Actions)|
This bill has the status Introduced
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Summary: H.R.3069 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (06/24/2005)
Savings Account for Every American Act of 2005 - Allows employees and self-employed individuals with a social security number to elect participation, on or after January 1, 2006, in a retirement savings program, to be known as S.A.F.E. accounts. Requires employers of electing employees to establish a payroll deduction program to make employee contributions (6.2 percent of wages) to such accounts. Requires 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 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.