NU Online News Service, Feb. 2, 2004, 4:47 p.m. EST – The U.S. Treasury Department says President Bush has included 4 new savings programs in his 2005 budget.[@@]
The programs would create retirement savings accounts, lifetime savings accounts, employer retirement savings accounts and individual development accounts.
Each taxpayer could contribute up to $5,000 per year to RSAs and LSAs.
Only employers could contribute to the proposed ERSAs. The Bush proposal calls for the employer retirement accounts to replace 401(k), SIMPLE, 403(b) and 457 plans.