Savings Account for Every American Act of 2007

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.

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.

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Sponsor

• Rep. Peter Sessions [R, TX-32]

Committees

• House Ways and Means
• 1 more
  • House Oversight and Government Reform
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Amendments

This bill has no amendments.

Amendments to H.R.4922

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
December 19, 2007

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• Dec 19, 2007: 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.
• Dec 19, 2007: Referred to House Ways and Means
• Dec 19, 2007: Referred to House Oversight and Government Reform
• Introduced on Dec 19, 2007.

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Related Issue Areas:

• Pensions
• Armed forces
• Civil service retirement
• Congress
• 37 more
• Congressional reporting requirements
• Defense policy
• Disability insurance
• Disabled
• Employers' liability
• Federal employees
• Finance
• Financial statements
• Fines (Penalties)
• Government employees
• Government information
• Government paperwork
• Government publicity
• Health policy
• Income tax
• Interest
• Labor
• Law
• Legislation
• Life insurance
• Long-term care insurance
• Medical care
• Military pensions
• Military personnel
• Old age, survivors and disability insurance
• Payroll deductions
• Self-employed
• Social security
• Social security eligibility
• Social security taxes
• Tax deductions
• Tax exclusion
• Tax penalties
• Tax returns
• Taxation
• Trusts and trustees
• Veterans

Data from the Congressional Research Service

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Blog Coverage

January 24, 2008 Dirty politics: Hillary Clinton campaign has planted people ...

H.R.4922: To restore first amendment protections of religion and speech. H.R.5078: To restore first amendment protections of religion and speech. -- This includes limits on courts' hearing cases related to abortion, ...

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January 22, 2008 Ron Paul

HR4922: To restore first amendment protections of religion and speech. HR5078: To restore first amendment protections of religion and speech. Ahh, isn't it nice how he titles some of the bills to mean exactly the opposite of what they ...

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January 04, 2008 Clown Candidate Ron Paul Excluded from Debates « Blogs 4 Conservatives

His bills would also prevent cross-state discrimination against gay marriage (H.R.300 H.R.4379 H.R.5739 H.R.3893 H.R.1547 H.R.4922 H.R.5078). He also wants to limit Federal court intrusion into abortion cases (H.R.1545 H.R.1546 H.R.2875 ...

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