S.3636 - Encouraging Americans to Save Act115th Congress (2017-2018)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 11/15/2018)|
|Committees:||Senate - Finance|
|Latest Action:||11/15/2018 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054) (All Actions)|
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Summary: S.3636 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (11/15/2018)
Encouraging Americans to Save Act
This bill replaces the existing saver's tax credit for certain individuals who contribute to retirement accounts with federal matching payments. For individuals with incomes that do not exceed specified levels, the bill requires the federal government to provide matching contributions equal to 50% of up to $1,000 in annual contributions to retirement accounts.
The bill also requires the Department of the Treasury to reestablish the MyRA program, which is a program that establishes and maintains Roth Individual Retirement Accounts for individuals. The investments in the accounts are limited to retirement savings bonds issued by Treasury.