Retirement Savings Account Act

Summary

Retirement Savings Account Act - Amends the Internal Revenue Code to replace Roth Individual Retirement Account provisions with Retirement Savings Account (RSA) provisions. Allows cash only contributions to RSAs up to the lesser of $5,000 (adjusted for inflation) or the taxpayer's compensation includible in gross income for a taxable year. Allows tax free distributions from RSAs after the account beneficiary attains age 58, dies, or becomes disabled.. Allows conversions of individual retirement accounts (IRAs) into RSAs and provides special rules for the tax treatment of amounts converted into an RSA prior to 2007. Requires a five-year holding period for amounts converted to an RSA from an IRA or an Employer Retirement Savings Account.

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Timeline

1. 8 March 2005

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250)

   Source: IntroReferral

2. 8 March 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S2246)

   Source: IntroReferral

3. 8 March 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 8 March 2005 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 March 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 March 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 March 2005

  Open at official source

Sponsors

• Rep. Thomas, Craig [R-WY-At Large] · R · Sponsor
• Rep. Kyl, Jon [R-AZ-4] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Retirement Savings Account Act