HR 2109

112th CONGRESS
1st Session

H. R. 2109

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.

IN THE HOUSE OF REPRESENTATIVES

June 3, 2011

Mr. SESSIONS (for himself, Mrs. BLACKBURN, Mr. BURTON of Indiana, Mr. TERRY, Mr. SMITH of Texas, Mr. NEUGEBAUER, and Mr. HENSARLING) introduced the following bill; which was 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


A BILL

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.

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

TITLE I--PERSONAL RETIREMENT PROGRAM

TITLE II--TAX-EXEMPT S.A.F.E. ACCOUNTS

TITLE III--CONFORMING AMENDMENTS TO THE SOCIAL SECURITY ACT AND THE INTERNAL REVENUE CODE OF 1986

TITLE I--PERSONAL RETIREMENT PROGRAM

SEC. 101. DEFINITIONS.

SEC. 102. S.A.F.E. ACCOUNT PAYROLL DEDUCTION PROGRAMS.

SEC. 103. DESIGNATION OF S.A.F.E. ACCOUNTS.

SEC. 104. SELF-EMPLOYED INDIVIDUALS.

SEC. 105. ELECTIVE PARTICIPATION.

If the first calendar year for

which the revocation

The applicable

is effective is:

percentage is:

The first, second, or third calendar year of such five-year period

--20 percent

The fourth calendar year of such five-year period

--40 percent

The fifth calendar year of such five-year period

--60 percent

The calendar year following such five-year period

--80 percent.

SEC. 106. PENALTIES.

SEC. 107. FEDERAL CIVILIAN AND MILITARY PERSONNEL.

TITLE II--TAX-EXEMPT S.A.F.E. ACCOUNTS

SEC. 201. S.A.F.E. ACCOUNTS.

`SEC. 224. S.A.F.E. ACCOUNTS.

SEC. 202. EFFECTIVE DATE.

TITLE III--CONFORMING AMENDMENTS TO THE SOCIAL SECURITY ACT AND THE INTERNAL REVENUE CODE OF 1986

SEC. 301. REDUCTIONS IN AND EXEMPTIONS FROM FICA TAXES AND SECA TAXES WITH RESPECT TO ELIGIBLE INDIVIDUALS.

SEC. 302. EXCLUSION OF ELIGIBLE INDIVIDUALS FROM OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE COVERAGE.

`Limitation on Payment to Eligible Individuals Under Savings Account for Every American Act of 2011

`Limitation on Payment to Eligible Individuals Under Savings Account for Every American Act of 2011

SEC. 303. INFORMATION PROVIDED IN SOCIAL SECURITY ACCOUNT STATEMENTS.

`SOCIAL SECURITY ACCOUNT STATEMENT

`Provision of Annual Statements

`Contents of Statement

`Eligible Individual

END