I 
114TH CONGRESS 
2D SESSION 
H. R. 5450 
To establish an American Savings Account Fund and create a retirement 
savings plan available to all employees, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 10, 2016 
Mr. HUFFMAN (for himself and Ms. BONAMICI) introduced the following bill; 
which was referred to the Committee on Ways and Means 
A BILL 
To establish an American Savings Account Fund and create 
a retirement savings plan available to all employees, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘American Savings Ac-
count Act of 2016’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—ADMINISTRATION 
Sec. 101. American Savings Account Board of Directors. 
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Sec. 102. Responsibilities of American Savings Account Board of Directors. 
Sec. 103. Fiduciary responsibilities; liability and penalties. 
Sec. 104. American Savings Account Fund Advisory Council. 
TITLE II—AMERICAN SAVINGS ACCOUNT FUND 
Sec. 201. American Savings Account Fund. 
Sec. 202. Tax treatment of the American Savings Account Fund. 
TITLE III—AMERICAN SAVINGS ACCOUNTS 
Sec. 301. American Savings Accounts. 
Sec. 302. Employer requirements. 
Sec. 303. State retirement savings plans. 
Sec. 304. Definitions. 
TITLE IV—CONFORMING AMENDMENTS 
Sec. 401. American Savings Accounts. 
Sec. 402. Penalty for employer noncompliance. 
Sec. 403. Outreach. 
Sec. 404. Independent contractors. 
TITLE I—ADMINISTRATION 
SEC. 101. AMERICAN SAVINGS ACCOUNT BOARD OF DIREC-
TORS. 
(a) IN GENERAL.—There is established an American 
Savings Account Board of Directors (hereafter referred to 
in this title as the ‘‘Board’’) as a federally chartered orga-
nization. Except as otherwise provided, such Board has 
perpetual existence. 
(b) PURPOSE.—The purpose of the Board is— 
(1) to establish policies for the investment and 
management of the American Savings Account 
Fund; and 
(2) to carry out the responsibilities of the 
Board under section 102. 
(c) MEMBERSHIP.—The Board shall be composed of 
9 members appointed by the President in consultation 
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with the Secretary of Labor and with the advice and con-
sent of the Senate, to include— 
(1) the Secretary of Labor or a delegate of the 
Secretary; 
(2) 1 representative of employers; 
(3) 1 representative of the private retirement 
savings investment industry; 
(4) 1 representative of employees; 
(5) 1 representative of retirees; and 
(6) the Executive Director and 3 additional 
members of the Federal Retirement Thrift Invest-
ment Board established under section 8472(a) of 
title 5, United States Code. 
Of such 9 members, 1 shall be elected by the members 
of the Board as the Chair. 
(d) TERMS AND VACANCIES.— 
(1) TERM.—A member of the Board shall be 
appointed for a term of 4 years and, after the expi-
ration of such term, may be reappointed immediately 
to a subsequent term. 
(2) VACANCY.—A vacancy on the Board shall 
be filled in the manner in which the original appoint-
ment was made and shall be subject to any condi-
tions which applied with respect to the original ap-
pointment. An individual chosen to fill a vacancy 
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shall be appointed for the unexpired term of the 
member replaced. 
(3) EXPIRATION.—The term of any member 
shall not expire before the date on which the mem-
ber’s successor takes office. 
(e) RESPONSIBILITY.—The members of the Board 
shall discharge their responsibilities solely in the interest 
of participants and beneficiaries under this title. 
(f) COMPENSATION.— 
(1) IN GENERAL.—Each member of the Board 
who is not an officer or employee of the Federal 
Government shall be compensated at the daily rate 
of basic pay for grade GS–18 of the General Sched-
ule under subchapter III of chapter 53 of title 5, 
United States Code, for each day during which such 
member is engaged in performing a function of the 
Board. 
(2) PER DIEM, ETC.—A member of the Board 
shall be paid travel, per diem, and other necessary 
expenses while traveling away from such member’s 
home or regular place of business in the perform-
ance of the duties of the Board. 
(3) PAYMENTS.—Payments authorized under 
this subsection shall be paid from the American Sav-
ings Account Fund. 
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SEC. 102. RESPONSIBILITIES OF AMERICAN SAVINGS AC-
COUNT BOARD OF DIRECTORS. 
(a) ESTABLISHMENT OF INVESTMENT FUNDS AND 
OPTIONS.—The Board shall select or establish a list of 
investment funds and options similar to those described 
in subsection (b) of section 8438 of title 5, United States 
Code, among which an individual participating in an 
American Savings Account established under section 
103(a) may elect under subsection (b)(2). 
(b) INVESTMENT OF SUMS.— 
(1) IN
GENERAL.—The Chair of the Board 
shall invest the sums available in the American Sav-
ings Account Fund for investment as provided in 
elections made under paragraph (2). If an election 
has not been made with respect to any sums in the 
American Savings Account Fund available for in-
vestment, the Chair shall invest such sums in a port-
folio similar to the age-appropriate target date asset 
allocation portfolio established by the Federal Re-
tirement Thrift Investment Board under section 
8438(b) of title 5, United States Code, in the same 
manner as sums in the Thrift Savings Fund estab-
lished under section 8437 of title 5, United States 
Code, are invested under such section. 
(2) ELECTION.— 
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(A) IN
GENERAL.—At least twice each 
year, an individual participating in an American 
Savings Account established under subsection 
(c)(1) may elect any of the investment funds 
and options referred to in subsection (a) into 
which the sums in the American Savings Ac-
count Fund credited to such individual’s Amer-
ican Savings Account are to be invested or rein-
vested in the same manner as sums in the 
Thrift Savings Fund are invested under section 
8438 of title 5, United States Code. 
(B) FORM AND MANNER OF ELECTION.— 
An election may be made under subparagraph 
(A) only in such manner and within such period 
as shall be provided by the Chair of the Board. 
(c) ACCOUNTING AND INFORMATION.— 
(1) IN
GENERAL.—The Chair of the Board 
shall establish and maintain— 
(A) an American Savings Account de-
scribed in paragraph (1) of section 301(a); or 
(B) at the election of the individual pursu-
ant to section 301(b)(2), an American Savings 
Account described in paragraph (2) of section 
301(a); 
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for each individual who makes contributions under 
section 301(b)(3), or for whom contributions are 
made under section 302, to the American Savings 
Account Fund. 
(2) BALANCE; ALLOCATION OF EARNINGS AND 
LOSSES, ETC.—Rules similar to the rules of para-
graphs (2) and (3) of section 8439(a) of title 5, 
United States Code, shall apply for purposes of an 
individual’s American Savings Account established 
under paragraph (1). 
(3) EXAMINATION BY QUALIFIED PUBLIC AC-
COUNTANT; REPORTING, ETC.—Rules similar to the 
requirements of subsections (b), (c), and (d) of sec-
tion 8439 of title 5, United States Code, shall apply 
with respect to individuals for whom an American 
Savings Account is maintained under this subsection 
(in the case of such subsection (d), applied as if each 
such individual were an employee described in such 
subsection). 
(d) REPORTING REQUIREMENTS.— 
(1) ANNUAL
REPORT.—The Board shall, not 
later than June 30 of each year, submit to Congress 
an annual report on the operations of the American 
Savings Account Fund. Such report shall include, 
for the prior calendar year, information on the num-
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ber of participants as of the last day of such prior 
calendar year, the median balance in participants’ 
accounts as of such last day, demographic informa-
tion on participants, the percentage allocation of 
amounts among investment funds or options, the 
status of the development and implementation of the 
mutual fund window, the diversity demographics of 
any company, investment adviser, or other entity re-
tained to invest and manage the assets of the Amer-
ican Savings Account Fund, and such other informa-
tion as the Board considers appropriate. A copy of 
each annual report under this subsection shall be 
made available to the public through an Internet 
website. 
(2) REPORTING OF FEES AND OTHER INFORMA-
TION.— 
(A) IN GENERAL.—The Board shall pro-
vide to each individual for whom an account is 
maintained— 
(i) a periodic statement relating to the 
individual’s account; 
(ii) a summary description of the in-
vestment funds and options under sub-
section (a) covering, and an evaluation of, 
each such option during the 5-year period 
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preceding the date as of which such eval-
uation is made; 
(iii) a statement of the amount of the 
investment management fees, administra-
tive expenses, and any other fees or ex-
penses paid with respect to each such in-
vestment fund and option; and 
(iv) a statement notifying participants 
as to how they may access the annual re-
port described in paragraph (1), as well as 
any other information concerning Amer-
ican Savings Accounts that might be use-
ful. 
If the fees and expenses described in clause (iii) 
exceed the fees charged to a similarly situated 
individual who contributes to the Thrift Savings 
Fund established under section 8437 of title 5, 
United States Code, the information required 
under the preceding sentence shall include a 
statement identifying the reason for such ex-
cess. 
(B) 
TIME
WHEN
SENT.—Information 
under subparagraph (A) with respect to each 
participant shall be provided immediately upon 
payment of the participant’s first contribution 
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to the American Savings Account Fund and on 
a regular basis thereafter, in a manner designed 
to facilitate informed decisionmaking with re-
spect to elections under subsection (b)(2). 
Nothing in this subparagraph shall be consid-
ered to limit the dissemination of information 
only to the times required under the preceding 
sentence. 
(C) USE OF ESTIMATES.—For purposes of 
providing the information required under this 
paragraph, the Board may provide a reasonable 
and representative estimate of any fees or ex-
penses described in subparagraph (A) and shall 
indicate any such estimate as being such an es-
timate. Any such estimate shall be based on the 
previous year’s experience. 
SEC. 103. FIDUCIARY RESPONSIBILITIES; LIABILITY AND 
PENALTIES. 
(a) DEFINITIONS.—For purposes of this section— 
(1) the term ‘‘adequate consideration’’ means— 
(A) in the case of a security for which 
there is a generally recognized market— 
(i) the price of the security prevailing 
on a national securities exchange which is 
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registered under section 6 of the Securities 
Exchange Act of 1934; or 
(ii) if the security is not traded on 
such a national securities exchange, a price 
not less favorable to the American Savings 
Account Fund than the offering price for 
the security as established by the current 
bid and asked prices quoted by persons 
independent of the issuer and of any party 
in interest; and 
(B) in the case of an asset other than a se-
curity for which there is a generally recognized 
market, the fair market value of the asset as 
determined in good faith by a fiduciary or fidu-
ciaries in accordance with regulations pre-
scribed by the Secretary of Labor; 
(2) the term ‘‘fiduciary’’ means— 
(A) a member of the Board, including the 
Chair; 
(B) any person who has or exercises dis-
cretionary authority or discretionary control 
over the management or disposition of the as-
sets of the American Savings Account Fund; 
and 
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(C) any person who, with respect to the 
American Savings Account Fund, is described 
in section 3(21)(A) of the Employee Retirement 
Income Security Act of 1974; and 
(3) the term ‘‘party in interest’’ includes— 
(A) any fiduciary; 
(B) any counsel to a person who is a fidu-
ciary, with respect to the actions of such person 
as a fiduciary; 
(C) any participant; 
(D) any person providing services to the 
Board and, with respect to the actions of the 
Chair as a fiduciary, any person providing serv-
ices to the Chair; 
(E) a labor organization, the members of 
which are participants; 
(F) a spouse, sibling, ancestor, lineal de-
scendant, or spouse of a lineal descendant of a 
person described in subparagraph (A), (B), or 
(D); 
(G) a corporation, partnership, or trust or 
estate of which, or in which, at least 50 percent 
of— 
(i) the combined voting power of all 
classes of stock entitled to vote or the total 
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(1) DISCHARGE OF RESPONSIBILITIES.—To the 
extent not inconsistent with the provisions of this 
title and the policies prescribed by the Board, a fidu-
ciary shall discharge the fiduciary’s responsibilities 
with respect to the American Savings Account Fund 
or applicable portion thereof solely in the interest of 
the participants and beneficiaries and— 
(A) for the exclusive purpose of— 
(i) providing benefits to participants 
and their beneficiaries; and 
(ii) defraying reasonable expenses of 
administering the American Savings Ac-
count Fund or applicable portions thereof; 
(B) with the care, skill, prudence, and dili-
gence under the circumstances then prevailing 
that a prudent individual acting in a like capac-
ity and familiar with such matters would use in 
the conduct of an enterprise of a like character 
and with like objectives; and 
(C) to the extent permitted by this title, by 
diversifying the investments of the American 
Savings Account Fund or applicable portions 
thereof so as to minimize the risk of large 
losses, unless under the circumstances it is 
clearly prudent not to do so. 
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(2) OWNERSHIP.—No fiduciary may maintain 
the indicia of ownership of any assets of the Amer-
ican Savings Account Fund outside the jurisdiction 
of the district courts of the United States. 
(c) PROHIBITED TRANSACTIONS.— 
(1) IN GENERAL.—A fiduciary shall not permit 
the American Savings Account Fund to engage in 
any of the following transactions, except in exchange 
for adequate consideration: 
(A) A transfer of any assets of the Amer-
ican Savings Account Fund to any person the 
fiduciary knows or should know to be a party 
in interest or the use of such assets by any such 
person. 
(B) An acquisition of any property from or 
sale of any property to the American Savings 
Account Fund by any person the fiduciary 
knows or should know to be a party in interest. 
(C) A transfer or exchange of services be-
tween the American Savings Account Fund and 
any person the fiduciary knows or should know 
to be a party in interest. 
(2) SPECIAL
RULES.—Notwithstanding para-
graph (1), a fiduciary with respect to the American 
Savings Account Fund shall not— 
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(A) deal with any assets of the American 
Savings Account Fund in the fiduciary’s own 
interest or for the fiduciary’s own account; 
(B) act, in an individual capacity or any 
other capacity, in any transaction involving the 
American Savings Account Fund on behalf of a 
party, or representing a party, whose interests 
are adverse to the interests of the American 
Savings Account Fund or the interests of its 
participants or beneficiaries; or 
(C) receive any consideration for the fidu-
ciary’s own personal account from any party 
dealing with sums credited to the American 
Savings Account Fund in connection with a 
transaction involving assets of the American 
Savings Account Fund. 
(3) GRANTING OF EXEMPTIONS.— 
(A) The Secretary may, in accordance with 
procedures which the Secretary shall by regula-
tion prescribe, grant a conditional or uncondi-
tional exemption of any fiduciary or trans-
action, or class of fiduciaries or transactions, 
from all or part of the restrictions imposed by 
paragraph (2). 
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(B) An exemption granted under this para-
graph shall not relieve a fiduciary from any 
other applicable provision of this title. 
(C) The Secretary may not grant an ex-
emption under this paragraph unless the Sec-
retary finds that such exemption is— 
(i) administratively feasible; 
(ii) in the interests of the American 
Savings Account Fund and of its partici-
pants and beneficiaries; and 
(iii) protective of the rights of partici-
pants and beneficiaries of such Fund. 
(D) An exemption under this paragraph 
may not be granted unless— 
(i) notice of the proposed exemption is 
published in the Federal Register; 
(ii) interested persons are given an 
opportunity to present views; and 
(iii) the Secretary affords an oppor-
tunity for a hearing and makes a deter-
mination on the record with respect to the 
respective requirements of clauses (i), (ii), 
and (iii) of subparagraph (C). 
(E) Notwithstanding subparagraph (D), 
the Secretary may determine that an exemption 
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granted for any class of fiduciaries or trans-
actions under section 408(a) of the Employee 
Retirement Income Security Act of 1974 shall, 
upon publication of notice in the Federal Reg-
ister under this subparagraph, constitute an ex-
emption for purposes of the provisions of para-
graph (2). 
(d) ALLOWANCES.—This section does not prohibit 
any fiduciary from— 
(1) receiving any benefit which the fiduciary is 
entitled to receive under this title as a participant or 
beneficiary; 
(2) receiving any reasonable compensation au-
thorized by this title for services rendered, or for re-
imbursement of expenses properly and actually in-
curred, in the performance of the fiduciary’s duties 
under this title; or 
(3) serving as a fiduciary in addition to being 
an officer, employee, agent, or other representative 
of a party in interest. 
(e) LIABILITY.— 
(1) IN GENERAL.— 
(A) Any fiduciary that breaches the re-
sponsibilities, duties, and obligations set out in 
subsection (b) or violates subsection (c) shall be 
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personally liable to the American Savings Ac-
count Fund for any losses to such Fund result-
ing from each such breach or violation and to 
restore to such Fund any profits made by the 
fiduciary through use of assets of such Fund by 
the fiduciary, and shall be subject to such other 
equitable or remedial relief as a court considers 
appropriate, except as provided in paragraphs 
(3) and (4). A fiduciary may be removed for a 
breach referred to in the preceding sentence. 
(B) The Secretary may assess a civil pen-
alty against a party in interest with respect to 
each transaction which is engaged in by the 
party in interest and is prohibited by subsection 
(c). The amount of such penalty shall be equal 
to 5 percent of the amount involved in each 
such 
transaction 
(as 
defined 
in 
section 
4975(f)(4) of the Internal Revenue Code of 
1986) for each year or part thereof during 
which the prohibited transaction continues, ex-
cept that, if the transaction is not corrected (in 
such manner as the Secretary shall prescribe by 
regulation consistent with section 4975(f)(5) of 
such Code) within 90 days after the date the 
Secretary transmits notice to the party in inter-
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ciary, knowing such act or omission is such 
a breach; 
(ii) by the fiduciary’s failure to com-
ply with subsection (b) in the administra-
tion of the fiduciary’s specific responsibil-
ities which give rise to the fiduciary status, 
the fiduciary has enabled such other fidu-
ciary to commit such a breach; or 
(iii) the fiduciary has knowledge of a 
breach by such other fiduciary, unless the 
fiduciary makes reasonable efforts under 
the circumstances to remedy the breach. 
(E) The Secretary shall prescribe, in regu-
lations, procedures for allocating fiduciary re-
sponsibilities among fiduciaries, including in-
vestment managers. Any fiduciary who, pursu-
ant to such procedures, allocates to a person or 
persons any fiduciary responsibility shall not be 
liable for an act or omission of such person or 
persons unless— 
(i) such fiduciary violated subsection 
(b) with respect to the allocation, with re-
spect to the implementation of the proce-
dures prescribed by the Secretary, or in 
continuing such allocation; or 
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(ii) such fiduciary would otherwise be 
liable in accordance with subparagraph 
(D). 
(2) CIVIL
ACTION
ONLY
AS
PROVIDED.—No 
civil action may be maintained against any fiduciary 
with respect to the responsibilities, liabilities, and 
penalties authorized or provided for in this section 
except in accordance with paragraphs (3) and (4). 
(3) RULES REGARDING CIVIL ACTIONS.—A civil 
action may be brought in the district courts of the 
United States— 
(A) by the Secretary against any fiduciary 
other than a Member of the Board or the Chair 
of the Board— 
(i) to determine and enforce a liability 
under paragraph (1)(A); 
(ii) to collect any civil penalty under 
paragraph (1)(B); 
(iii) to enjoin any act or practice 
which violates any provision of subsection 
(b) or (c); 
(iv) to obtain any other appropriate 
equitable relief to redress a violation of any 
such provision; or 
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(v) to enjoin any act or practice which 
violates section 101(e); 
(B) by any participant, beneficiary, or fi-
duciary against any fiduciary— 
(i) to enjoin any act or practice which 
violates any provision of subsection (b) or 
(c); 
(ii) to obtain any other appropriate 
equitable relief to redress a violation of any 
such provision; or 
(iii) to enjoin any act or practice 
which violates section 101(e); or 
(C) by any participant or beneficiary— 
(i) to recover benefits of such partici-
pant or beneficiary under the provisions of 
this title, to enforce any right of such par-
ticipant or beneficiary under such provi-
sions, or to clarify any such right to future 
benefits under such provisions; or 
(ii) to enforce any claim otherwise 
cognizable under sections 1346(b) and 
2671 through 2680 of title 28, United 
States Code, provided that the remedy 
against the United States provided by sec-
tions 1346(b) and 2672 of title 28, United 
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States Code, for damages for injury or loss 
of property caused by the negligent or 
wrongful act or omission of any fiduciary 
while acting within the scope of the fidu-
ciary’s duties or employment shall be ex-
clusive of any other civil action or pro-
ceeding by the participant or beneficiary 
for recovery of money by reason of the 
same subject matter against the fiduciary 
(or the estate of such fiduciary) whose act 
or omission gave rise to such action or pro-
ceeding, whether or not such action or pro-
ceeding is based on an alleged violation of 
subsection (b) or (c). 
(4) OTHER RULES.— 
(A) In all civil actions under paragraph 
(3)(A), attorneys appointed by the Secretary 
may represent the Secretary (except as provided 
in section 518(a) of title 28, United States 
Code), however all such litigation shall be sub-
ject to the direction and control of the Attorney 
General. 
(B) The Attorney General shall defend any 
civil action or proceeding brought in any court 
against any fiduciary referred to in paragraph 
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(3)(C)(ii) (or the estate of such fiduciary) for 
any such injury. Any fiduciary against whom 
such a civil action or proceeding is brought 
shall deliver, within such time after date of 
service or knowledge of service as determined 
by the Attorney General, all process served 
upon such fiduciary (or an attested copy there-
of) to the Chair of the Board, who shall 
promptly furnish copies of the pleading and 
process to the Attorney General and the United 
States Attorney for the district wherein the ac-
tion or proceeding is brought. 
(C) Upon certification by the Attorney 
General that a fiduciary described in paragraph 
(3)(C)(ii) was acting in the scope of such fidu-
ciary’s duties or employment as a fiduciary at 
the time of the occurrence or omission out of 
which the action arose, any such civil action or 
proceeding commenced in a State court shall 
be— 
(i) removed without bond at any time 
before trial by the Attorney General to the 
district court of the United States for the 
district and division in which it is pending; 
and 
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(ii) deemed a tort action brought 
against the United States under the provi-
sions of title 28, United States Code, and 
all references thereto. 
(D) The Attorney General may com-
promise or settle any claim asserted in such 
civil action or proceeding in the manner pro-
vided in section 2677 of title 28, United States 
Code, and with the same effect. To the extent 
section 2672 of title 28, United States Code, 
provides that persons other than the Attorney 
General or the Attorney General’s designee may 
compromise and settle claims, and that pay-
ment of such claims may be made from agency 
appropriations, such provisions shall not apply 
to claims based upon an alleged violation of 
subsection (b) or (c). 
(E) For the purposes of paragraph 
(3)(C)(ii) the provisions of sections 2680(h) of 
title 28, United States Code, shall not apply to 
any claim based upon an alleged violation of 
subsection (b) or (c). 
(F) Notwithstanding sections 1346(b) and 
2671 through 2680 of title 28, United States 
Code, whenever an award, compromise, or set-
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tlement is made under such sections upon any 
claim based upon an alleged violation of sub-
section (b) or (c), payment of such award, com-
promise, or settlement shall be made to the ap-
propriate account within the American Savings 
Account Fund, or where there is no such appro-
priate account, to the participant or beneficiary 
bringing the claim. 
(G) For purposes of paragraph (3)(C)(ii), 
the term ‘‘fiduciary’’ includes only the Members 
of the Board and the Board’s Chair. 
(5) PROHIBITION OF MONETARY RELIEF.—Any 
relief awarded against a Member of the Board or the 
Chair of the Board in a civil action authorized by 
paragraph (3) may not include any monetary dam-
ages or any other recovery of money. 
(6) LIMITATION.—An action may not be com-
menced under paragraph (3)(A) or (B) with respect 
to a fiduciary’s breach of any responsibility, duty, or 
obligation under subsection (b) or a violation of sub-
section (c) after the earlier of— 
(A) 6 years after— 
(i) the date of the last action which 
constituted a part of the breach or viola-
tion; or 
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(ii) in the case of an omission, the lat-
est date on which the fiduciary could have 
cured the breach or violation; or 
(B) 3 years after the earliest date on 
which the plaintiff had actual knowledge of the 
breach or violation, except that, in the case of 
fraud or concealment, such action may be com-
menced not later than 6 years after the date of 
discovery of such breach or violation. 
(7) JURISDICTION.— 
(A) The district courts of the United 
States shall have exclusive jurisdiction of civil 
actions under this subsection. 
(B) An action under this subsection may 
be brought in the District Court of the United 
States for the District of Columbia or a district 
court of the United States in the district where 
the breach alleged in the complaint or petition 
filed in the action took place or in the district 
where a defendant resides or may be found. 
Process may be served in any other district 
where a defendant resides or may be found. 
(8) SERVICE.— 
(A) A copy of the complaint or petition 
filed in any action brought under this sub-
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section (other than by the Secretary) shall be 
served on the Chair, the Secretary, and the Sec-
retary of the Treasury by certified mail. 
(B) Any officer referred to in subpara-
graph (A) shall have the right in the officer’s 
discretion to intervene in any action. If the Sec-
retary brings an action under paragraph (2) on 
behalf of a participant or beneficiary, the Sec-
retary shall notify the Chair and the Secretary 
of the Treasury. 
(f) REGULATIONS.—The Secretary may prescribe 
regulations to carry out this section. 
(g) AUDITS BY SECRETARY.— 
(1) IN GENERAL.—The Secretary of Labor shall 
establish a program to carry out audits to determine 
the level of compliance with the requirements of this 
section relating to fiduciary responsibilities and pro-
hibited activities of fiduciaries. 
(2) CONTRACTS, ETC.—An audit under this 
subsection may be conducted by the Secretary, by 
contract with a qualified nongovernmental organiza-
tion, or in cooperation with the Comptroller General 
of the United States, as the Secretary considers ap-
propriate. 
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SEC. 104. AMERICAN SAVINGS ACCOUNT FUND ADVISORY 
COUNCIL. 
(a) IN GENERAL.—The Board shall establish an 
American Savings Account Fund Advisory Council, to be 
composed of 14 members appointed by the Chair of the 
Board. The Chair of the Board shall designate 1 member 
of the Council to serve as head of the Council. 
(b) TERMS AND VACANCIES.— 
(1) TERM.—A member of the Council shall be 
appointed for a term of 4 years. 
(2) VACANCIES.— 
(A) A vacancy in the Council shall be filled 
in the manner in which the original appoint-
ment was made and shall be subject to any con-
ditions which applied with respect to the origi-
nal appointment. 
(B) An individual chosen to fill a vacancy 
shall be appointed for the unexpired term of the 
member replaced. 
(C) The term of any member shall not ex-
pire before the date on which the member’s suc-
cessor takes office. 
(c) ACTION BY MAJORITY RESOLUTION.—The Coun-
cil shall act by resolution of a majority of the members. 
(d) RESPONSIBILITIES.—The Council shall— 
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(1) advise the Board and the Chair of the 
Board on matters relating to— 
(A) investment policies for the American 
Savings Account Fund; and 
(B) the administration of this title; and 
(2) perform such other duties as the Board may 
direct with respect to investment funds established 
in accordance with this title. 
TITLE II—AMERICAN SAVINGS 
ACCOUNT FUND 
SEC. 201. AMERICAN SAVINGS ACCOUNT FUND. 
(a) IN GENERAL.—There is established in the Treas-
ury of the United States an American Savings Account 
Fund. 
(b) AMOUNTS IN FUND.—The American Savings Ac-
count Fund consists of the sum of all amounts contributed 
under section 302, increased by the total net earnings 
from investments of sums in the American Savings Ac-
count Fund or reduced by the total net losses from invest-
ments of the American Savings Account Fund, and re-
duced by the total amount of payments made from the 
American Savings Account Fund (including payments for 
administrative expenses). 
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(c) APPROPRIATIONS FROM FUND.—The sums in the 
American Savings Account Fund are appropriated and 
shall remain available without fiscal year limitation— 
(1) to invest as provided in section 102(b)(1); 
(2) to pay benefits or purchase annuity con-
tracts under section 301(b); 
(3) to pay the administrative expenses of the 
Board relating to the responsibilities under section 
102; and 
(4) at the discretion of the Chair of the Board, 
to purchase insurance to cover potential liability of 
persons who serve in a fiduciary capacity with re-
spect to the American Savings Account Fund, in a 
manner consistent with rules similar to the provi-
sions of section 8479 of title 5, United States Code. 
(d) BENEFITS
INALIENABLE
AND
NONFORFEIT-
ABLE.— 
(1) IN GENERAL.—Subject to paragraphs (3) 
and (4) of subsection (c) and paragraphs (3) and (4) 
of this subsection, sums in the American Savings 
Account Fund credited to the American Savings Ac-
count of a participant may not be used for, or di-
verted to, purposes other than for the exclusive ben-
efit of the participant or the participant’s bene-
ficiaries. 
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(2) PROTECTION
FROM
ALIENATION.—Except 
as provided in paragraphs (3) and (4), sums in the 
American Savings Account Fund may not be as-
signed or alienated and are not subject to execution, 
levy, attachment, garnishment, or other legal proc-
ess. 
(3) CERTAIN
EXCEPTIONS.—Moneys due or 
payable from the American Savings Account Fund 
to any individual shall be subject to legal process for 
the enforcement of the individual’s legal obligations 
to provide child support or make alimony payments 
as provided in section 459 of the Social Security 
Act, the enforcement of an order for restitution 
under section 3663A of title 18, United States Code, 
or an obligation of the Chair of the Board to make 
a payment to another person under paragraph (4), 
and shall be subject to a Federal tax levy under sec-
tion 6331 of the Internal Revenue Code of 1986. 
(4) COURT ORDERS.—Rules similar to the rules 
of section 8467 of title 5, United States Code, shall 
apply with respect to payments which would other-
wise be made to a participant under section 301(b). 
(e) LIMITATION
ON FURTHER APPROPRIATION.— 
The sums in the American Savings Account Fund shall 
not be appropriated for any purpose other than the pur-
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poses specified in this section and may not be used for 
any other purpose. 
(f) AMOUNTS HELD IN TRUST.—All sums contrib-
uted to the American Savings Account Fund by a partici-
pant or by an employer for the benefit of such participant 
and all net earnings in such Fund attributable to invest-
ment of such sums are held in such Fund in trust for 
such participant. 
SEC. 202. TAX TREATMENT OF THE AMERICAN SAVINGS AC-
COUNT FUND. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986— 
(1) the American Savings Account Fund shall 
be treated as a trust described in section 401(a) of 
such Code which is exempt from taxation under sec-
tion 501(a) of such Code; 
(2) any contribution to, or distribution from, 
the American Savings Account Fund shall be treated 
in the same manner as contributions to or distribu-
tions from such a trust; 
(3) contributions to the American Savings Ac-
count Fund shall not be treated as distributed or 
made available to a participant nor as a contribution 
made to the Fund by an individual merely because 
the individual has, under section 302(b)(1)(C), made 
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an election whether the contribution will be made to 
the American Savings Account Fund or received by 
the individual in cash; and 
(4) the rules of section 414(w) of such Code 
shall apply with respect to American Savings Ac-
counts, except that paragraph (2)(B) thereof shall 
be applied by substituting ‘‘the due date for the re-
turn of tax for the taxable year in which the first 
elective contribution is made with respect to the em-
ployee under the arrangement’’ for ‘‘the date which 
is 90 days after the date of the first elective con-
tribution with respect to the employee under the ar-
rangement’’. 
(b) COORDINATION WITH SOCIAL SECURITY ACT.— 
Subsection (a) shall not be construed to provide that any 
amount of the employee’s compensation which is contrib-
uted to the American Savings Account Fund shall not be 
included in the term ‘‘wages’’ for the purposes of section 
209 of the Social Security Act or section 3121(a) of the 
Internal Revenue Code of 1986. 
TITLE III—AMERICAN SAVINGS 
ACCOUNTS 
SEC. 301. AMERICAN SAVINGS ACCOUNTS. 
(a) IN GENERAL.—For purposes of this title, the 
term ‘‘American Savings Account’’ means— 
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(1) an individual retirement account (as defined 
in section 408(a) of the Internal Revenue Code of 
1986); and 
(2) in the case of an individual making the elec-
tion under subsection (b)(2), a Roth IRA (as defined 
in section 408A(b) of such Code); 
established and maintained by the Board, as trustee of 
such account. 
(b) SPECIAL RULES.— 
(1) ELIGIBILITY.— 
(A) IN GENERAL.—All qualified employees 
shall be eligible to participate in an American 
Savings Account. 
(B) QUALIFIED EMPLOYEE.—For purposes 
of this subtitle— 
(i) IN GENERAL.—The term ‘‘qualified 
employee’’ means an employee (other than 
an 
employee 
described 
in 
section 
410(b)(3)(C) of the Internal Revenue Code 
of 1986) of an American employer if the 
employer does not provide the opportunity 
for the employee to participate in a defined 
contribution plan (within the meaning of 
section 414(i) of the Internal Revenue 
Code of 1986) maintained by the employer 
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that satisfies the requirements of section 
401(a) or 403(b) of the Internal Revenue 
Code of 1986. 
(ii) EXCEPTION FOR EMPLOYEES COV-
ERED BY COLLECTIVE BARGAINING AGREE-
MENTS.—Such term shall not include any 
employee who is included in a group of em-
ployees covered by a collective bargaining 
agreement 
described 
in 
section 
410(b)(3)(A) of such Code. 
(iii) 
AMERICAN
EMPLOYER.—The 
term ‘‘American employer’’ has the mean-
ing given such term by section 3121(h) of 
such Code. 
(2) ELECTION TO CONVERT TO ROTH IRA.— 
Subject to the rules of section 408A(d)(3) of the In-
ternal Revenue Code of 1986, an individual may 
elect at any time to convert all or a portion of the 
individual retirement account established for the in-
dividual under section 102(c)(1)(A) to a Roth IRA 
(as defined in section 408A(b) of such Code). 
(3) CONTRIBUTIONS.— 
(A) IN
GENERAL.—Subject to section 
302(b)(1), an individual may contribute to the 
American Savings Account Fund in any year, 
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pursuant 
to 
an 
election 
under 
section 
102(b)(2), an amount not to exceed the limita-
tion described in subparagraph (C). Contribu-
tions pursuant to such an election shall, with 
respect to each pay period for which such elec-
tion remains in effect, be made in accordance 
with a program of regular contributions as pre-
scribed by the Chair. 
(B) 
ELIGIBLE
ROLLOVER
DISTRIBU-
TIONS.—An individual may contribute to the 
American Savings Account Fund an eligible 
rollover that an individual retirement account 
or Roth IRA could accept under section 408 or 
408A of the Internal Revenue Code of 1986, 
whichever is applicable (after the application of 
subparagraph (C)). In the case of an eligible 
rollover distribution (as defined in section 
402(c)(4) of such Code), the maximum amount 
transferred to the American Savings Account 
Fund shall not exceed the amount which would 
otherwise have been included in the individual’s 
gross income for Federal income tax purposes. 
(C) MODIFICATION OF CONTRIBUTION LIM-
ITATION.—In lieu of the contribution limita-
tions for individual retirement accounts or Roth 
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IRAs, whichever is applicable, under part I of 
subchapter D of chapter 1 of the Internal Rev-
enue Code of 1986, the annual contribution lim-
itation applicable to an American Savings Ac-
count shall be equal to the limitation applicable 
under section 415(c) of the Internal Revenue 
Code of 1986 to contributions to a defined con-
tribution plan. 
(4) ANNUITIES, ETC.— 
(A) IN GENERAL.—The Board shall pre-
scribe methods of payment of annuities similar 
to 
the 
methods 
available 
under 
section 
8434(a)(2) of title 5, United States Code. 
(B) RULES APPLICABLE.—Rules similar to 
the rules of subsections (b), (c), (d), and (e) of 
section 8434 of title 5, United States Code, 
shall apply for purposes of this paragraph. 
(5) PROTECTIONS FOR SPOUSES AND FORMER 
SPOUSES.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (A), rules similar to the rules of 
sections 8433(e) and 8435 of title 5, United 
States Code, shall apply for purposes of this 
subsection. 
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(B) ADDITIONAL
PROTECTION
FOR
SUR-
VIVING SPOUSES.—A surviving spouse shall be 
the first party entitled to receive benefits (be-
fore any designated beneficiary other than the 
surviving spouse) unless the surviving spouse 
consents in writing to the application of the 
order of precedence in effect but for this sub-
paragraph. 
SEC. 302. EMPLOYER REQUIREMENTS. 
(a) IN GENERAL.—Except as provided in subsections 
(a) and (b) of section 303, each United States employer 
shall make contributions meeting the requirements of sub-
section (b) on behalf of such qualified employee to the 
American Savings Account Fund, beginning with the later 
of— 
(1) the first pay period for which the employee 
receives compensation from the employer; or 
(2) the first pay period beginning on or after 
the contribution beginning date. 
(b) CONTRIBUTIONS.—The requirements of this sub-
section are met for a taxable year with respect to contribu-
tions to the American Savings Account Fund on behalf 
of a qualified employee if— 
(1) CONTRIBUTION AMOUNT.—With respect to 
any pay period beginning in such taxable year— 
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(A) IN GENERAL.—Except as provided in 
subparagraphs (B) and (C), such contributions 
are equal to 3 percent of the compensation of 
the employee for such period. 
(B) COORDINATION WITH LIMITATIONS.— 
The total contributions to the Fund on behalf 
of the employee for pay periods in any taxable 
year do not exceed the contribution limitation 
described in section 301(b)(3)(C). 
(C) ELECTION.—After the first pay period 
with respect to which a contribution is made 
with respect to a qualified employee under sub-
section (a), the qualified employee may elect— 
(i) to change the percentage of com-
pensation which is contributed to the Fund 
on behalf of such employee, except that 
such percentage may not be less than 2 
percent or greater than the highest per-
centage that would not cause total con-
tributions during the taxable year to ex-
ceed the limitation under subparagraph 
(B); or 
(ii) to discontinue contributions to the 
Fund and withdraw all contributions pre-
viously made through a salary reduction 
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arrangement in the same calendar year 
other than nonelective contributions made 
by the employer on behalf of the employee. 
In the event a qualified employee elects to with-
draw all contributions previously made to the 
Fund under the preceding sentence, the amount 
of any nonelective contributions made by the 
employer on behalf of the employee shall be 
withdrawn and paid to the employer. 
(D) 
CONTRIBUTIONS
MAY
BE
MADE 
THROUGH
SALARY
REDUCTION
ARRANGE-
MENT.—Contributions by an employer shall not 
fail to meet the requirements of this subsection 
solely because the employee may elect to have 
the employer make payments— 
(i) to the American Savings Account 
of the employee; or 
(ii) to the employee directly in cash. 
The preceding sentence shall apply only if the 
contributions on behalf of all qualified employ-
ees of the employer for a pay period are in a 
uniform dollar amount or a uniform percentage 
of compensation. 
(E) MANDATORY PERCENTAGE INCREASE 
OFFER.— 
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(i) IN GENERAL.—If a qualified em-
ployee elects under subparagraph (C) a 
contribution percentage that is less than 5 
percent, then 12 months after such elec-
tion is made and every 12 months there-
after the Board shall notify the employee 
in writing that such contribution percent-
age will be increased by 0.5 percent unless 
the employee objects within 30 days of re-
ceipt of such notice. If the employee does 
not so object, upon notification by the 
Board, the employer shall increase the per-
centage of the employee’s compensation 
which is contributed to the Fund on behalf 
of the employee by 0.5 percent. 
(ii) APPLICABILITY.— 
(I) IN
GENERAL.—Clause (i) 
shall cease to apply once the percent-
age of compensation contributed to 
the Fund on behalf of the employee is 
greater than or equal to 5 percent. 
(II) COORDINATION
WITH
LIMI-
TATIONS.—Clause (i) shall not apply 
during a taxable year if, as so in-
creased, the percentage of compensa-
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tion contributed to the Fund on be-
half of the employee would exceed the 
percentage described in subparagraph 
(C)(i). 
(2) FREQUENCY
AND
TIMING
OF
CONTRIBU-
TIONS.—Contributions under subsection (a) are 
made not less frequently than monthly during such 
year, and each such contribution is made not later 
than 30 days after the close of the pay period to 
which it relates. 
(c) EXCEPTIONS.—Subsection (a) shall not apply to 
an employer that is a church or convention or association 
of churches which is exempt from tax under section 501(a) 
of the Internal Revenue Code of 1986. If such an employer 
elects to make contributions to the American Savings Ac-
count Fund on behalf of qualified employees of the em-
ployer, such contributions must meet the requirements of 
paragraph (1). 
(d) 
SELF-EMPLOYED
INDIVIDUALS.—An 
indi-
vidual— 
(1) who has net earnings from self-employment 
(as defined in section 1402(a) of the Internal Rev-
enue Code of 1986); 
(2) who is not a qualified employee with respect 
to any employer; and 
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(3) who is not eligible to participate in a de-
fined contribution plan (within the meaning of sec-
tion 414(i) of the Internal Revenue Code of 1986) 
maintained by any employer; 
may elect to make contributions on the individual’s own 
behalf to the American Savings Account Fund. Such con-
tributions shall be made under rules similar to the rules 
of section 301(b)(3). 
(e) CONTRIBUTION BEGINNING DATE.—For pur-
poses of this section, the term ‘‘contribution beginning 
date’’ means January 1 of the 3rd calendar year beginning 
after the date of the enactment of the American Savings 
Account Act of 2016. 
SEC. 303. STATE RETIREMENT SAVINGS PLANS. 
(a) IN GENERAL.—If a State— 
(1) maintains a public retirement savings plan 
that allows all covered employers in the State to en-
roll all employees of the employer automatically in 
such plan; or 
(2) allows all covered employers in the State to 
make contributions to an individual retirement plan 
(as defined in section 7701(a)(37) of the Internal 
Revenue Code of 1986) on behalf of the employees 
of the employer; 
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such State may prohibit employers in the State from mak-
ing contributions to the American Savings Account Fund 
on behalf of their employees, and section 302 shall not 
apply to covered employers to which such prohibition ap-
plies. 
(b) EXEMPTION.—For purposes of this Act, the term 
‘‘employee pension benefit plan’’ shall not include a payroll 
deduction program established by a State for the purpose 
of making contributions to one or more individual retire-
ment plans (as defined in section 7701(a)(37) of the Inter-
nal Revenue Code of 1986), including such a program 
which provides for automatic enrollment. 
(c) WAIVER OF PENALTY.—The penalty under sec-
tion 6672(f) of the Internal Revenue Code of 1986 shall 
not apply to a failure to make a contribution on behalf 
of a qualified employee if the employer makes contribu-
tions to a State plan described in subsection (a) or (b) 
on behalf of such employee that satisfy the applicable re-
quirements of such State plan. The employer shall certify 
to the Secretary of the Treasury, in such manner as shall 
be determined by such Secretary, that such contributions 
have been made. 
(d) COVERED EMPLOYER.—For purposes of this sec-
tion, the term ‘‘covered employer’’ means an employer— 
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(1) that does not provide the opportunity for 
employees to participate in a defined contribution 
plan (within the meaning of section 414(i) of the In-
ternal Revenue Code of 1986) maintained by the 
employer; and 
(2) whose employees are not covered by a collec-
tive bargaining agreement described in section 
410(b)(3)(A) of the Internal Revenue Code of 1986. 
SEC. 304. DEFINITIONS. 
Any term used in this title which is also used in sec-
tion 408(k) of the Internal Revenue Code of 1986 has the 
same meaning as when used in such section. 
TITLE IV—CONFORMING 
AMENDMENTS 
SEC. 401. AMERICAN SAVINGS ACCOUNTS. 
(a) CONFORMING AMENDMENT.—Section 7701 of the 
Internal Revenue Code of 1986 is amended by redesig-
nating subsection (p) as subsection (q) and by inserting 
after subsection (o) the following new subsection: 
‘‘(p) TAX TREATMENT OF AMERICAN SAVINGS AC-
COUNT FUND.— 
‘‘(1) IN GENERAL.—For purposes of this title— 
‘‘(A) the American Savings Account Fund 
shall be treated as a trust described in section 
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401(a) which is exempt from taxation under 
section 501(a); 
‘‘(B) any contribution to, or distribution 
from, the American Savings Account Fund shall 
be treated in the same manner as contributions 
to or distributions from such a trust; 
‘‘(C) contributions to the American Sav-
ings Account Fund shall not be treated as dis-
tributed or made available to a participant nor 
as a contribution made to the Fund by an indi-
vidual merely because the individual has, under 
section 302(b)(1)(C) of the American Savings 
Account Act of 2016, made an election whether 
the contribution will be made to the American 
Savings Account Fund or received by the indi-
vidual in cash; and 
‘‘(D) the rules of section 414(w) shall 
apply with respect to American Savings Ac-
counts, except that paragraph (2)(B) thereof 
shall be applied by substituting ‘the due date 
for the return of tax for the taxable year in 
which the first elective contribution is made 
with respect to the employee under the arrange-
ment’ for ‘the date which is 90 days after the 
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date of the first elective contribution with re-
spect to the employee under the arrangement’. 
‘‘(2) COORDINATION
WITH
SOCIAL
SECURITY 
ACT.—Paragraph (1) shall not be construed to pro-
vide that any amount of the employee’s compensa-
tion which is contributed to the American Savings 
Account Fund shall not be included in the term 
‘wages’ for the purposes of section 209 of the Social 
Security Act or section 3121(a) of this title. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section, the terms ‘employee’ and ‘American Savings 
Account Fund’ shall have the same respective mean-
ings as when used in the American Savings Account 
Act of 2016. 
‘‘(4) COORDINATION WITH OTHER PROVISIONS 
OF LAW.—No provision of law not contained in this 
title shall apply for purposes of determining the 
treatment under this title of the American Savings 
Account Fund or any contribution to, or distribution 
from, such Fund.’’. 
(b) TREATMENT OF CONTRIBUTIONS TO AMERICAN 
SAVINGS ACCOUNT FUND.— 
(1) IN GENERAL.—Part III of subchapter B of 
chapter 1 of the Internal Revenue Code of 1986 is 
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amended by inserting after section 139E the fol-
lowing new section: 
‘‘SEC. 139F. AMOUNTS CONTRIBUTED TO AMERICAN SAV-
INGS ACCOUNTS. 
‘‘(a) IN GENERAL.—Gross income does not include 
so much of the contributions made to the American Sav-
ings Account Fund on behalf of an individual for pay peri-
ods in the taxable year as does not exceed the limitation 
applicable under section 415(c) of the Internal Revenue 
Code of 1986 to contributions to a defined contribution 
plan. 
‘‘(b) AMERICAN SAVINGS ACCOUNT FUND.—For pur-
poses of this section, the term ‘American Savings Account 
Fund’ means the Fund established under section 201 of 
the American Savings Account Act of 2016.’’. 
(2) DENIAL OF DEDUCTION.—Subsection (b) of 
section 219 of such Code is amended by adding at 
the end the following new paragraph: 
‘‘(6) SPECIAL
RULE
FOR
AMERICAN
SAVINGS 
ACCOUNTS.—This section shall not apply with re-
spect to any amount contributed to an individual re-
tirement account (as defined in section 408(a)) or a 
Roth IRA (as defined in section 408A(b)) which is 
an American Savings Account (as defined in section 
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301 of the American Savings Account Act of 
2016).’’. 
(3) CLERICAL AMENDMENT.—The table of sec-
tions for part III of subchapter B of chapter 1 of 
such Code is amended by inserting after the item re-
lating to section 139E the following new item: 
‘‘Sec. 139F. Amounts contributed to American Savings Accounts.’’. 
(c) TREATMENT OF DISTRIBUTIONS AS SEPARATE 
FROM OTHER IRAS AND ROTH IRAS.—Subparagraph 
(A) of section 408(d)(2) of the Internal Revenue Code of 
1986 is amended by striking ‘‘plans’’ and inserting ‘‘plans 
(other than American Savings Accounts, within the mean-
ing of section 301 of the American Savings Account Act 
of 2016)’’. 
(d) EFFECTIVE DATE.— 
(1) PROGRAM.—The Chair of the American 
Savings Account Board of Directors shall establish 
the American Savings Account program such that 
the American Savings Account Fund is prepared to 
begin receiving contributions on January 1 of the 
3rd calendar year beginning after the date of the en-
actment of this Act. 
(2) TREATMENT OF CONTRIBUTIONS.—Except 
as provided in paragraph (1), the amendments made 
by this section shall apply to contributions made to 
the American Savings Account Fund, as established 
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by the amendments made by subsection (a), after 
December 31 of the 2nd calendar year beginning 
after the date of the enactment of this Act. 
SEC. 402. PENALTY FOR EMPLOYER NONCOMPLIANCE. 
Section 6672 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new sub-
section: 
‘‘(f) EMPLOYER NONCOMPLIANCE WITH REQUIRE-
MENTS OF AMERICAN SAVINGS ACCOUNT ACT.—Except 
as provided in section 303(c) of the American Savings Ac-
count Act of 2016, any employer that fails to make any 
contribution required by section 302 of such Act shall be 
treated for purposes of subsection (a) as if the employer 
had willfully failed to collect a tax in the amount of such 
required contribution.’’. 
SEC. 403. OUTREACH. 
The Commissioner of Internal Revenue shall provide 
to any person filing Form 1099 information on contrib-
uting to the American Savings Account Fund. 
SEC. 404. INDEPENDENT CONTRACTORS. 
The Secretary of Labor shall promulgate rules allow-
ing employers to— 
(1) request explicit authorization from inde-
pendent contractors with such employers to con-
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tribute on behalf of such independent contractors to 
the American Savings Account Fund; and 
(2) automatically withhold and transmit a set 
amount or percentage of compensation paid to such 
independent contractors to such Fund. 
Æ 
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