h 48368 1198040400 false 1198040400 4922 414 110 400367

12/19/2007--Introduced.<br/>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.<br/>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.

1198040400 2007-12-19 Fri Nov 07 04:15:52 -0600 2008 introduced 48368 'act':6 '2007':8 'save':1 'everi':4 'account':2 'american':5 56598 false short introduced 48368 'retir':14 'provid':2,9 'purpos':22 'account':18 's.a.f.e':17 'american':5 'opportun':7 55968 false official action 48368 1198040400 Wed Dec 19 00:00:00 -0600 2007 141439 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. S000250 1955-03-22 1514 Longworth House Office Building http://www.house.gov/sessionsform/emailform.htm 32 202-225-5878 Peter 'r':4 'tx':5 '-32':6 'rep':1 'pete':9 'peter':2,7,10 'session':3,8,11 M 400367 Sessions Pete_Sessions A. Rep. Peter Sessions [R, TX-32] Pete N00005681 5108 Republican 202-225-2231 Methodist TX Pete Peter Sessions 6.5 http://sessions.house.gov/ action 48368 1198040400 Wed Dec 19 00:00:00 -0600 2007 141439 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. action 48368 1198040400 Wed Dec 19 00:00:00 -0600 2007 141440 Referred to House Ways and Means action 48368 1198040400 Wed Dec 19 00:00:00 -0600 2007 141441 Referred to House Oversight and Government Reform introduced 48368 1198040400 Wed Dec 19 00:00:00 -0600 2007 141438