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S 3242 115th Congress Senate 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

American Savings Act

Introduced: July 19, 2018 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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 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
 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.

What's happening now July 19, 2018

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1