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Bill proposes new retirement plan.(Legislation)(Retirement Savings Accounts)(Brief Article)
- Article from:
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National Underwriter Life & Health-Financial ServicesEdition
- Article date:
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July 5, 2004
- Author:
- Brostoff, Steven
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Copyright informationCOPYRIGHT 2004 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE BUSH ADMINISTRATION'S controversial proposal on consumer savings plans advanced recently with the introduction of legislation establishing Retirement Savings Accounts.
Rep. Sam Johnson, R-Texas, is sponsoring legislation that would replace current retirement savings plans with a simplified RSA that would be available to all individuals regardless of age or income level.
The legislation, H.R. 4714, would consolidate current individual retirement accounts and turn them into RSAs. Individuals could contribute up to $5,000 annually in after-tax dollars to an RSA with no cap on income. Interest on RSAs would be tax-free, as would distributions after age 58.
Early ...