Skip to main content
S 3242 115th Congress Senate

American Savings Act

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

Introduced: July 19, 2018 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
Labor and Employment Administrative law and regulatory proceduresAdvisory bodiesDepartment of LaborEmployee benefits and pensions
More subjectsShow fewer subjects
Financial services and investmentsIncome tax deferralIncome tax exclusionSelf-employed
Sign in to write a letter Sign in to watch
This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) 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
Jul 19, 2018
Read twice and referred to the Committee on Finance.
Jul 19, 2018
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action July 19, 2018

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 1083 Related bill American Savings Account Act of 2017
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3242: American Savings Act. 115th Congress. Open America. https://openamerica.io/bill/115-S-3242/
MLA
"S. 3242: American Savings Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-S-3242/.
Bluebook (legal)
S. 3242, 115th Cong. (2026), https://openamerica.io/bill/115-S-3242/.
Markdown link
[S. 3242: American Savings Act](https://openamerica.io/bill/115-S-3242/)
Report a problem