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HR 5450 114th Congress House

American Savings Account Act of 2016

Official title: To establish an American Savings Account Fund and create a retirement savings plan available to all employees, and for other purposes.

Introduced: June 10, 2016 Introduced by: Huffman, Jared Democratic · California See on congress.gov
Labor and Employment Administrative law and regulatory proceduresAdvisory bodiesDepartment of LaborEmployee benefits and pensions
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Financial services and investmentsIncome tax deferralIncome tax exclusionSelf-employed
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 10, 2016
Referred to the House Committee on Ways and Means.
Jun 10, 2016
Introduced in House
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 Latest action June 10, 2016

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • S 2472 Related bill American Savings Account Act of 2016
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Bonamici, Suzanne
Oregon · Jun 10, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5450: American Savings Account Act of 2016. 114th Congress. Open America. https://openamerica.io/bill/114-HR-5450/
MLA
"H.R. 5450: American Savings Account Act of 2016." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-5450/.
Bluebook (legal)
H.R. 5450, 114th Cong. (2026), https://openamerica.io/bill/114-HR-5450/.
Markdown link
[H.R. 5450: American Savings Account Act of 2016](https://openamerica.io/bill/114-HR-5450/)
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