I 
115TH CONGRESS 
1ST SESSION H. R. 1083 
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 
FEBRUARY 15, 2017 
Mr. HUFFMAN (for himself, Ms. BONAMICI, Ms. LOFGREN, Mrs. NAPOLITANO, 
Mr. GARAMENDI, Ms. LEE, Mr. THOMPSON of California, Mr. VARGAS, 
Mr. TED LIEU of California, Mr. TAKANO, Mr. MEEKS, and Mr. CON-
YERS) 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 2017’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
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TITLE I—ADMINISTRATION 
Sec. 101. American Savings Account Board of Directors. 
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. 
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(c) MEMBERSHIP.—The Board shall be composed of 
9 members appointed by the President in consultation 
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-
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tions which applied with respect to the original ap-
pointment. An individual chosen to fill a vacancy 
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. 
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(3) PAYMENTS.—Payments authorized under 
this subsection shall be paid from the American Sav-
ings Account Fund. 
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-
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lished under section 8437 of title 5, United States 
Code, are invested under such section. 
(2) ELECTION.— 
(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 
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Account described in paragraph (2) of section 
301(a), 
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 
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Savings Account Fund. Such report shall include, 
for the prior calendar year, information on the num-
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-
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section (a) covering, and an evaluation of, 
each such option during the 5-year period 
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 
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participant shall be provided immediately upon 
payment of the participant’s first contribution 
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— 
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(i) the price of the security prevailing 
on a national securities exchange which is 
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-
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sets of the American Savings Account Fund; 
and 
(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— 
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(i) the combined voting power of all 
classes of stock entitled to vote or the total 
value of shares of all classes of stock of 
such corporation; 
(ii) the capital interest or profits in-
terest of such partnership; or 
(iii) the beneficial interest of such 
trust or estate, 
is owned, directly or indirectly, or held by a 
person described in subparagraph (A), (B), (D), 
or (E); 
(H) an official (including a director) of, or 
an individual employed by, a person described 
in subparagraph (A), (B), (D), (E), or (G), or 
an individual having powers or responsibilities 
similar to those of such an official; 
(I) a holder (directly or indirectly) of at 
least 10 percent of the shares in a person de-
scribed in any subparagraph referred to in sub-
paragraph (H); and 
(J) a person who, directly or indirectly, is 
at least a 10 percent partner or joint venturer 
(measured in capital or profits) in a person de-
scribed in any subparagraph referred to in sub-
paragraph (H). 
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(b) IN GENERAL.— 
(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 
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losses, unless under the circumstances it is 
clearly prudent not to do so. 
(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. 
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(iv) to obtain any other appropriate 
equitable relief to redress a violation of any 
such provision; or 
(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 
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