Savings Account for Every American Act of 2005

Bill: 109-hr-3069
Sponsor: Rep. Sessions, Pete [R-TX-32]
Introduced: 2005-06-24 in the House
Policy area: Labor and Employment
Subjects: Armed Forces and National Security
Civil service retirement
Congress
Congressional reporting requirements
Disability insurance
Disabled
Employers' liability
Federal employees
Finance and Financial Sector
Financial statements
Fines (Penalties)
Government Operations and Politics
Government paperwork
Government publicity
Health
Income tax
Interest
Law
Legislation
Life insurance
Long-term care insurance
Military pensions
Military personnel
Old age, survivors and disability insurance
Payroll deductions
Self-employed
Social Welfare
Social security eligibility
Social security taxes
Tax deductions
Tax exclusion
Tax penalties
Tax returns
Taxation
Trusts and trustees

Summary:
action_date: 2005-06-24
text: 
Savings Account for Every American Act of 2005 - Allows employees and self-employed individuals with a social security number to elect participation, on or after January 1, 2006, in a retirement savings program, to be known as S.A.F.E. accounts. Requires employers of electing employees to establish a payroll deduction program to make employee contributions (6.2 percent of wages) to such accounts. Requires employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts.
 
Directs the Office of Personnel Management to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian and military employees. 
 
Amends the Internal Revenue Code to exempt S.A.F.E. accounts from income taxation. Allows a tax deduction from gross income for cash contributions to such an account. Includes distributions from such an account in employee gross income, with specified exceptions for distributions after age 59 1/2 or death, purchase of certain insurance contracts, and rollovers.
 
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt S.A.F.E. account participants from social security taxes and exclude such participants from old age, survivors and disability insurance coverage. 


Legislative actions:
action_date: 2005-06-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-06-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-06-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-06-24
text: Introduced in House
action_date: 2005-06-24
text: Introduced in House