Secure Assets For Employees (SAFE) Plan Act of 1997

Summary

Secure Assets For Employees (SAFE) Plan Act of 1997 - Amends the Internal Revenue Code to allow an eligible employer, if specified requirements are met, to establish and maintain a SAFE annuity (an individual retirement annuity) or a SAFE trust (a trust forming part of a defined benefit plan), both to be funded by the employer. Makes the employer contributions deductible without limitation and otherwise provides for the treatment of contributions and distributions. Mandates a penalty for early withdrawals. Requires simplified employer reports for SAFE annuities and simplified actuarial reports for SAFE trusts. Amends the Employee Retirement Income Security Act of 1974 to exempt SAFE trusts from coverage requirements and SAFE annuities from certain employer reporting requirements.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 16 May 1997

   Introduced

   Referred to House Ways and Means

   Source: IntroReferral

2. 16 May 1997

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.

   Source: IntroReferral

3. 16 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 16 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 19 May 1997

   Introduced

   Sponsor introductory remarks on measure. (CR E964-965)

   Source: IntroReferral

6. 17 June 1997

   Referred

   Referred to the Subcommittee on Employer-Employee Relations.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 May 1997 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 May 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 May 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 May 1997

  Open at official source

Sponsors

• Rep. Johnson, Nancy L. [R-CT-6] · R · Sponsor
• Rep. Pomeroy, Earl [D-ND-At Large] · D · Sponsor
• Rep. Fawell, Harris W. [R-IL-13] · R · Sponsor
• Rep. Thurman, Karen L. [D-FL-5] · D · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Fox, Jon D. [R-PA-13] · R · Cosponsor
• Rep. Frost, Martin [D-TX-24] · D · Cosponsor
• LUIS GUTIERREZ · D · Cosponsor
• Rep. Greenwood, James C. [R-PA-8] · R · Cosponsor
• Rep. Boswell, Leonard L. [D-IA-3] · D · Cosponsor
• James Clyburn · D · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Cosponsor
• Rep. Snyder, Vic [D-AR-2] · D · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.