Legislation designed to create “simplified” savings and retirement accounts has been introduced in both the House and the Senate. The bill introduced in the Senate on March 8, 2005 by Senator Craig Thomas (R-Wo) (press release is here) and in the House by Rep. Sam Johnson (R-Tex) (press release is here) is called the “Savings Account Vehicle Enhancement”, or “SAVE” initiative (S. 545). The bill would create Lifetime Savings Accounts (“LSAs”), Retirement Savings Accounts (“RSAs”) and Employer Retirement Savings Accounts (“ERSAs”). Text of the proposed legislation is here (via Benefitslink.com and the American Benefits Council.)
From Bloomberg.com, “U.S. Lawmakers Revive Plan to Allow Tax-Free Savings Accounts.”