American Savings Account Act of 2016
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jun 10, 2016)
American Savings Account Act of 2016
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) 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.
What just happenedJun 10, 2016
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseJun 10, 2016
- Jun 10, 2016IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Jun 10, 2016IntroReferralIntro-H
Introduced in House
- Jun 10, 2016IntroReferral1000
Introduced in House