H.R. 4922 (110th): Savings Account for Every American Act of 2007

Introduced:
Dec 19, 2007 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee)
Sponsor
Pete Sessions
Representative for Texas's 32nd congressional district
Party
Republican
Text
Read Text »
Last Updated
Dec 19, 2007
Length
34 pages
Related Bills
H.R. 3069 (109th) was a previous version of this bill.

Referred to Committee
Last Action: Jun 24, 2005

H.R. 2109 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jun 03, 2011

 
Status

This bill was introduced on December 19, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 19, 2007
Referred to Committee Dec 19, 2007
 
Full Title

To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

House Oversight and Government Reform

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


12/19/2007--Introduced.
Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account.
Defines such an account as a trust created exclusively for the benefit of an individual or his or her beneficiaries.
Requires:
(1) employers of electing employees to establish a payroll deduction program to make employee contributions (6.2% of wages) to such accounts; and
(2) 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 (OPM) 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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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