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United States · Bill · HR

H.R. 2294 (102nd)

PRIME Retirement Account Act of 1991

referredUnited States· United States Congress· EN

Introduced

9 May 1991

Last action

14 May 1991 · Referred

Status

Referred to the Subcommittee on Health.

Sponsors

Rep. LaFalce, John J. [D-NY-29], Rep. Ireland, Andrew P. [R-FL-10], Rep. Chandler, Rod D. [R-WA-8], Rep. Moody, Jim [D-WI-5], Rep. Lancaster, H. Martin [D-NC-3], Rep. Henry, Paul B. [R-MI-5], Rep. Engel, Eliot L. [D-NY-16], Rep. Horton, Frank J. [R-NY-29], Rep. Poshard, Glenn [D-IL-22], Rep. Klug, Scott L. [R-WI-2], Rep. Eckart, Dennis E. [D-OH-11], Rep. Ramstad, Jim [R-MN-3], Rep. Serrano, Jose E. [D-NY-15], Rep. Skelton, Ike [D-MO-4], Rep. Mfume, Kweisi [D-MD-7], Rep. Orton, Bill [D-UT-3], Sen. Santorum, Rick [R-PA], Rep. Sisisky, Norman [D-VA-4], Rep. Mavroules, Nicholas [D-MA-6], Rep. Torres, Esteban Edward [D-CA-34], Rep. Bilbray, James H. [D-NV-1], Rep. Burton, Dan [R-IN-5], Rep. Livingston, Bob [R-LA-1], Sen. Allard, Wayne [R-CO], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Riggs, Frank [R-CA-1], Rep. Gordon, Bart [D-TN-6], Rep. Wilson, Charles [D-TX-2], Rep. Mazzoli, Romano L. [D-KY-3], Rep. Espy, Mike [D-MS-2], Sen. Roberts, Pat [R-KS], Rep. Lowey, Nita M. [D-NY-17], Rep. Huckaby, Thomas J. (Jerry) [D-LA-5], Rep. Ray, Richard B. [D-GA-3], Rep. Combest, Larry [R-TX-19], Rep. Camp, Dave [R-MI-4], Rep. Doolittle, John T. [R-CA-4], Rep. Oxley, Michael G. [R-OH-4], Rep. Peterson, Collin C. [D-MN-7], Rep. Owens, Wayne [D-UT-2], Sen. Johnson, Tim [D-SD]

Subjects

Taxation

Source updated

26 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

PRIME Retirement Account Act of 1991 - Amends the Internal Revenue Code to establish a simplified retirement plan for small business to be known as PRIME accounts (private retirement incentives matched by employers). Allows an income tax deduction to employees who make pre-tax contributions of up to $3,000 annually to a PRIME account and requires an employer to match such contributions up to three percent of the employee's compensation. Declares that such accounts are not to be treated as pension plans. Excludes such accounts from limitation on the maximum amount allowed for retirement savings deductions. Specifies the pension plan rules that are applicable to PRIME accounts. Establishes a 25-percent penalty on withdrawals made from such accounts during the first three years. Sets forth penalties to be imposed upon: (1) account trustees for failure to provide requirement information to employers; and (2) employers for failure to make required notifications to employees.

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

Timeline

  1. 9 May 1991

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 9 May 1991

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 9 May 1991

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 14 May 1991

    Referred

    Referred to the Subcommittee on Health.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

2 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN

    ViewDownloadOpen at official source

  • Introduced in House

    summary · EN · 9 May 1991

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

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Sources

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