Lifetime Savings Accounts (LSA) * Can be used for any type of savings. * Allows savers of any age and income to contribute up to $7,500 each year. * Unlimited, penalty-free withdrawals. * Contributions not deductible. * Not required to document qualified expenses. Retirement Savings Account (RSA) * Can only be used for retirement savings. * Consolidates traditional IRA and Roth IRAs. * Allows savers of any age and income to contribute up to $7,500 each year, in addition to contributions to LSA. * Contributions not deductible but earnings accumulate tax-free. * Distributions after age 58, death or disability are tax free. * Existing Roth IRA will not be affected. Employer Retirement Savings Account (ERSA) * Consolidates 401(k), thrift, 403(b), governmental 457 plans, SARSEPs and SIMPLE IRAs into one account. * Follows existing 401(k) rules. * Definition of compensation and minimum coverage will be "simplified." * Nondiscrimination requirements determined by one test. * Aims to reduce employer compliance costs.