PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250)
Congressional Research Service
Version 00 · Introduced in Senate · Mar 8, 2005
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.
People & committees
Sen. Thomas, Craig [R-WY] · R–WY
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2247-2250)
Sponsor introductory remarks on measure. (CR S2246)
Introduced in Senate
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Feb 10, 2026. Consult Congress.gov for the current record.
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