H.R.4922: To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes.

To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes. 12/19/2007--Introduced. Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account. Defines such an account as a trust created exclusively for the benefit of an individual or his or her beneficiaries. Requires: (1) employers of electing employees to establish a payroll deduction program to make employee contributions (6.2% of wages) to such accounts; and (2) employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts. Directs the Office of Personnel Management (OPM) to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian [...]

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