Encouraging Americans to Save Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Nov 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.
What just happenedNov 15, 2018
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)
Who’s behind it
- Introduced in SenateNov 15, 2018
- Nov 15, 2018IntroReferral
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7053-7054)
Finance Committee - Nov 15, 2018IntroReferral10000
Introduced in Senate