US Congress House Bill 2109 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on June 3 2011 - 25% progression, died in committee
Action: 2011-06-20 - Referred to the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy .
Pending: House Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy Committee
Text: Latest bill text (Introduced) [PDF]

Savings Account for Every American Act of 2011 - 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 how to extend 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 the Social Security retirement age or death, for purchase of certain insurance contracts, and for rollovers. Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) 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 OASDI coverage.

Savings Account for Every American Act of 2011

Rep. Pete Sessions [R-TX]	Sen. Marsha Blackburn [R-TN]	Rep. Dan Burton [R-IN]	Rep. Jeb Hensarling [R-TX]
Rep. Randy Neugebauer [R-TX]	Rep. Lamar Smith [R-TX]

Date	Chamber	Action
2011-06-20	House	Referred to the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy .
2011-06-03	House	Referred to House Oversight and Government Reform
2011-06-03	House	Referred to House Ways and Means
2011-06-03	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and 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.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/2109/all-info
Text	https://www.congress.gov/112/bills/hr2109/BILLS-112hr2109ih.pdf