SAVE UP Act
Latest action · Jul 12, 2016 Referred to the House Committee on Ways and Means.
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.
- IntroducedJul 12, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or the SAVE UP Act
This bill amends the Internal Revenue Code to establish the SAVE UP Account program to provide tax-exempt retirement accounts to employees who are not otherwise eligible for certain retirement plans.
The bill establishes: (1) a board of trustees to create and manage the accounts, (2) a board of governors to establish policies for the investment and management of fund assets, and (3) a trust fund and accounts in the Treasury for the program.
An employer must establish an account contribution program if: (1) the employer's aggregate number of employee hours of service during the preceding year was at least 1,600; (2) the employer does not offer a retirement plan to all employees. Government entities and churches are exempt from this requirement.
Under the contribution program, employers must: (1) contribute at least 50 cents per hour worked by the employee; and (2) make automatic contributions on behalf of employees who do not opt-out, beginning with 3% of wages and eventually increasing to 5%.
The bill sets forth requirements for: (1) determining an employee's share of positive net investment returns, and (2) paying benefits from the accounts in the form of an annuity
The bill allows a tax credit for certain small employers who elect to set up contribution programs for their employees.
If an employer fails to maintain a required contribution program, the bill disallows the deduction for compensation for services performed by employees of the employer.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jul 12, 2016Introduced in House
- Jul 12, 2016Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 12, 2016Introduced in House
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.