,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #cfec  ,,in ,,the ,,house ,,of  
,,representatives  ,august #ae1         
#bjag,mr4 ,crowley 7for himself and ,mr4
 ,ellison7 introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to provide for ,my,r,a         
accounts1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,making ,your ,retirement           
,accessible ,act or the ,my,r,a ,act4   
#b4 ,my,r,a ,accounts  7a7 ,in general  
,section #djh;,a of the ,internal       
,revenue ,code of #aihf is amended by   
adding at the end the following3  7g7   
,my,r,a accounts  7#a7 ,special rule for
 contributions from tax refunds ,a      
taxpayer may elect to contribute any    
portion of an overpayment of income tax 
for a taxable year to a ,my,r,a account4
 ,the amount elected under the preceding
 sentence--  7,a7 shall not exceed the  
amount allowed as a credit under section
 #be;,b for the taxable year1 and  7,b7 

shall not be treated as qualified       
retirement contributions for purposes of
 section #bai4  7#b7 ,direct deposit    
,the ,secretary shall provide for direct
 deposit of refunds from overpayments of
 income tax by a taxpayer to the ,my,r,a
 account of a participant4  7#c7 ,my,r,a
 account defined ,for purposes of this  
subsection1 the term ,my,r,a account    
means a ,roth ,,ira which meets the     
requirements of section #cajf7;d7 of    
title #ca1 ,united ,states ,code4  4    
7b7 ,my,r,a program ,section #cajf of   
title #ca1 ,united ,states ,code1 is    
amended by adding at the end the        
following new subsection3  7d7  7#a7    
,the ,secretary shall1 in accordance    
with this subsection1 establish and     
carry out a program of individual       
savings accounts to be known as ,my,r,a 
accounts under which the ,secretary     
shall1 upon receipt of contributions in 
cash by or on behalf of a participant1  
issue retirement savings bonds to the   
,my,r,a account of the participant4     

7#b7 ,in carrying out the program under 
paragraph 7#a71 the ,secretary shall--  
7,a7 administer a ,my,r,a account for   
each participant and credit bonds issued
 to the participant to the ,my,r,a      
account of the participant1  7,b7 serve 
as custodian of assets in the program1  
7,c7 issue retirement savings bonds     
described in paragraph 7#d71 and  7,d7  
issue to each participant an annual     
statement relating to the participant's 
,my,r,a account4  7#c7 ,for purposes of 
this subsection1 the term ,my,r,a       
account means a ,roth ,,ira 7as defined 
in section #djh;,a of the ,internal     
,revenue ,code of #aihf7 established by 
the ,secretary on behalf of a           
participant4  7#d7 ,a retirement savings
 bond issued under this subsection      
shall-- 7,a7 earn interest at the same  
annual percentage rate as securities    
issued to the ,government ,securities   
,investment ,fund in the ,thrift        
,savings ,plan for ,federal employees1  
as determined under section             

#hdch7;e77#b7 of title #e1 ,united      
,states ,code1  7,b7 shall be compounded
 daily at #a_/cfj of the annual         
percentage rate1  7,c7 shall have a     
maturity date that is indeterminate and 
may differ for each bond issued1 but    
that does not exceed the earlier of #cj 
years from the date the bond is first   
issued on behalf of the participant or  
when the total value of all such bonds  
held on behalf of the participant in the
 ,my,r,a account reaches #ae1jjj1  7,d7 
shall cease to bear interest on the date
 of maturity1 and  7,e7 shall be        
redeemed by the ,secretary upon         
maturity4  7#e7 ,upon reaching maturity 
the ,secretary shall transfer the entire
 amount in the ,my,r,a account in a     
manner that meets the rollover          
requirements of section #djh7;d77#c7 to 
a ,roth ,,ira 7other than a ,my,r,a     
account7 of the participant administered
 by a trustee who meets the satisfaction
 requirements of the ,secretary under   
section #djh7;a77#b74 ,for purposes of  

this paragraph1 the ,secretary shall    
make transfers to eligible trustees on a
 rotating basis unless the participant  
elects otherwise4  7#f7 ,the ,secretary 
shall accept contributions from         
employers on behalf of employees by     
direct deposit4  7#g7 ,the ,secretary   
shall accept contributions from         
participants by direct deposit4  7#h7   
,participant information under the      
program under this subsection shall be  
exempt from disclosure to the public4   
7#i7 ,the ,secretary shall issue a      
quarterly report to ,congress-- 7,a7    
listing the number of accounts created  
in that quarter1 the total number of    
accounts in existence1 the overall value
 of assets in the accounts1 and the     
number of taxpayers per zip code 7of the
 taxpayer7 who have created accounts2   
and  7,b7 the names of employers who    
paid fines for failure of the employer  
to notify their employees of these      
accounts4  7#aj7 ,the ,secretary shall  
issue such regulations or other guidance

 as may be necessary or appropriate to  
carry out this subsection4  4  7c7      
,employer requirements  7#a7 ,chapter   
#dc of the ,internal ,revenue ,code of  
#aihf is amended by adding at the end   
the following3  #dihj;,j4 ,failure of   
employer relating to ,my,r,a accounts   
7a7 ,imposition of tax ,there is hereby 
imposed a tax on the failure of any     
employer to meet the requirements of    
subsection 7e7 with respect to any      
employee4  7b7 ,amount of tax  7#a7 ,in 
general ,the amount of tax imposed by   
subsection 7a7 on any failure with      
respect to any employee shall be #ajj   
for each day in the noncompliance period
 with respect to such failure4  7#b7    
,noncompliance period ,for purposes of  
this section1 the term noncompliance    
period means1 with respect to any       
failure1 the period beginning on the    
date the failure first occurs and ending
 on the date the notice to which the    
failure relates is provided or the      
failure is otherwise corrected4  7c7    

,limitations on amount of tax  7#a7 ,tax
 not to apply where failure not         
discovered and reasonable diligence     
exercised ,no tax shall be imposed by   
subsection 7a7 on any failure during any
 period for which it is established to  
the satisfaction of the ,secretary that 
any employer subject to liability for   
the tax under subsection 7d7 did not    
know that the failure existed and       
exercised reasonable diligence to meet  
the requirements of subsection 7e74     
7#b7 ,tax not to apply to failures      
corrected within #cj days ,no tax shall 
be imposed by subsection 7a7 on any     
failure if-- 7,a7 any employer subject  
to liability for the tax under          
subsection 7d7 exercised reasonable     
diligence to meet the requirements of   
subsection 7e71 and  7,b7 such employer 
provides the notice described in        
subsection 7e7 during the #cj-;day      
period beginning on the first date such 
employer knew1 or exercising reasonable 
diligence would have known1 that such   

failure existed4  7#c7 ,overall         
limitation for unintentional failures   
7,a7 ,in general ,if the employer       
subject to liability for tax under      
subsection 7d7 exercised reasonable     
diligence to meet the requirements of   
subsection 7e71 the tax imposed by      
subsection 7a7 for failures during the  
taxable year of the employer shall not  
exceed #ejj1jjj4  7,b7 ,taxable years in
 the case of certain controlled groups  
,for purposes of this paragraph1 if all 
persons who are treated as a single     
employer for purposes of this section do
 not have the same taxable year1 the    
taxable years taken into account shall  
be determined under principles similar  
to the principles of section #aefa4     
7#d7 ,waiver by ,secretary ,in the case 
of a failure which is due to reasonable 
cause and not to willful neglect1 the   
,secretary may waive part or all of the 
tax imposed by subsection 7a7 to the    
extent that the payment of such tax     
would be excessive or otherwise         

inequitable relative to the failure     
involved4  7d7 ,liability for tax ,the  
employer shall be liable for the tax    
imposed by subsection 7a74  7e7         
,employer requirements relating to      
,my,r,a accounts  7#a7 ,in general ,an  
employer who pays wages to any employee 
through direct deposit shall make       
contributions through direct deposit to 
the ,my,r,a account of the amount of    
wages designated by an employee who     
elects to participate in the ,my,r,a    
program under section #cajf7;d7 of title
 #ca1 ,united ,states ,code4  7#b7      
,exception ,paragraph 7#a7 shall not    
apply to any employer with respect to an
 employee if the employer offers an     
employer-sponsored qualified retirement 
plan to the employee4  7#c7 ,notice     
requirement ,each employer shall1 in    
each paystub1 provide a uniform notice  
to employees on how the employees can   
create a ,my,r,a account4  4  7#b7 ,the 
table of sections for chapter #dc of    
such ,code is amended by adding at the  

end the following new item3  ,sec4      
#dihj;,j4 ,failure of employer relating 
to ,my,r,a accounts4  4  7d7 ,effective 
date ,the amendments made by this       
section shall take effect on the date of
 the enactment of this ,act4