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New Portable Retirement and Investment Accounts for All Americans

This act establishes a new system of Portable Retirement and Investment Accounts (PRIA) to help all Americans save for retirement. Citizens will have an account automatically established, and some may receive initial federal contributions. The act also makes it easier for workers, especially those without traditional retirement plans, to contribute to these accounts.
Key points
Automatic creation of retirement accounts for every American with a Social Security number.
Potential for an initial federal contribution of $500 (with inflation adjustment) for children of taxpayers receiving the child tax credit.
Employers not offering retirement plans must provide a mechanism for employees to make direct deposits from wages into these accounts.
Accounts will be invested in lifecycle funds, automatically adjusting based on the beneficiary's age, with options for other investment choices (PRIA Choice Account).
Ability to make personal contributions, including automatic payroll deductions, with limits similar to traditional IRAs.
Introduction of a Roth contribution option, meaning contributions are taxed now, and qualified withdrawals in retirement are tax-free.
Creation of a data portal for monitoring and reporting account information, increasing transparency for citizens.
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Expired
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Additional Information
Print number: 117_HR_5334
Sponsor: Rep. Himes, James A. [D-CT-4]
Process start date: 2021-09-22
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

PRIA Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5334.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-09-22.

What are the main provisions?

Key points include:

  • Automatic creation of retirement accounts for every American with a Social Security number.
  • Potential for an initial federal contribution of $500 (with inflation adjustment) for children of taxpayers receiving the child tax credit.
  • Employers not offering retirement plans must provide a mechanism for employees to make direct deposits from wages into these accounts.
  • Accounts will be invested in lifecycle funds, automatically adjusting based on the beneficiary's age, with options for other investment choices (PRIA Choice Account).
  • Ability to make personal contributions, including automatic payroll deductions, with limits similar to traditional IRAs.
  • Introduction of a Roth contribution option, meaning contributions are taxed now, and qualified withdrawals in retirement are tax-free.
  • Creation of a data portal for monitoring and reporting account information, increasing transparency for citizens.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Himes, James A. [D-CT-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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