HR 849 · 107th Congress 2001–2003, ended

Savings Account for Every American Act of 2001

Introduced Mar 1, 2001 Originated House Sponsor Pete Sessions R-TX

Fact sheet

Latest action · Mar 8, 2001 Referred to the Subcommittee on Social Security.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMar 1, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Savings Account for Every American Act of 2001 - Requires each covered employer to: (1) have in effect throughout each calendar year a S.A.F.E. account payroll deduction program for eligible employees; (2) deduct from each eligible employee's wages and pay the prescribed employee contribution to the employee's designated S.A.F.E. account; and (3) after the employee has maintained a S.A.F.E. account for 15 calendar years, pay into it the prescribed employer contribution. Provides for participation of self-employed individuals.

Allows any individual who has been assigned a Social Security account number, and has been paid wages or has derived self-employment income, to elect to be eligible for the S.A.F.E. account program on or after January 1, 2002. Makes an election ineffective if the individual is entitled to an old age or a disability insurance benefit under the Social Security Act.

Directs the Office of Personnel Management to study and report to the President and the Congress on how to provide for the application of this Act to Federal civilian and military personnel.

Amends the Internal Revenue Code to allow an individual taxpayer a deduction from gross income of the aggregate amount paid in cash during the taxable year by or on behalf of such individual to a S.A.F.E. account. Includes any amount distributed out of a S.A.F.E. account in the distributee's gross income, unless: (1) the account beneficiary has attained age 59-and-a-half; (2) the account beneficiary has died; or (3) the distribution has paid for any qualified long-term health insurance contract, disability insurance, or term life insurance. Makes exceptions for certain other distributions as well. Subjects to an additional tax of 20 percent any account distribution which must be included in gross income. Exempts a S.A.F.E. account from income taxation unless it has terminated according to certain rules. Subjects excess contributions to S.A.F.E. accounts to the same excise tax for excess contributions to individual retirement accounts. Subjects S.A.F.E. accounts also to the excise tax for prohibited transactions.

Cosponsors 1

Members who signed on, in the order they did. All signed on Mar 1, 2001.

Seat	Cosponsor		Signed on
R-AZ	John B. Shadegg	Original	Mar 1, 2001

Actions 4

Everything that happened, newest first.

Mar 8, 2001Referred to the Subcommittee on Social Security.
Mar 8, 2001Referred to the Subcommittee on the Civil Service and Agency Organization.
Mar 1, 2001Introduced in House
Mar 1, 2001Referred 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.

Subjects

Assigned by the Library of Congress. Policy area: Labor and Employment.

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.