Retirement Savings Accounts: Presidentâs Budget Proposal for FY2006 (CRS Report for Congress)
| Release Date |
Revised Jan. 19, 2006 |
| Report Number |
RS21451 |
| Report Type |
Report |
| Authors |
Patrick J. Purcell, Domestic Social Policy Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The Presidents proposed budget for FY2005 would have established Lifetime Savings Accounts (LSAs) that could be used for any type of saving and from which withdrawals could be made at any time, and Retirement Savings Accounts (RSAs) that could be used for retirement saving. Additionally, beginning in 2005, several kinds of employer-sponsored retirement plans would have been consolidated into Employer Retirement Savings Accounts (ERSAs). Qualification rules in the tax code would have been simplified, while other rules governing ERSAs would have conformed substantially to those that apply to 401(k) plans. The proposals were not enacted during the 108th Congress. Similar proposals are expected to be in the FY2006 budget.
