Firearms Owners Against Crime
Institute for Legal, Legislative and Educational Action
Institute for Legal, Legislative and Educational Action
Title: American Savings Act
Subject: 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
Description: 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.
Session: 115th Congress
Last Action: Read twice and referred to the Committee on Finance.
Last Action Date: July 19, 2018
Link: https://www.congress.gov/bill/115th-congress/senate-bill/3242/all-info
Note: the first sponsor listed is normally the primary sponsor. If a sponsor's name is a hyperlink you can click on it to 'follow the money'.
1 sponsors: Jeff Merkley (D)
| Chamber | Date | Action |
| Senate | Jul 19 2018 | Read twice and referred to the Committee on Finance. |
| Type | Date | Federal Link | Text |
| Introduced | Jul 27 2018 | federal bill text | bill text |
| Title | Description | Date | State Link | Text | Adopted |
| There are no amendments to this bill at this time | |||||
Chamber: S
Committee Name: Finance
There have not been any votes on this bill