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Protecting Retirement Savings and Financial Support for Citizens

This act aims to enhance retirement savings security, improve financial literacy, and introduce new savings programs. It also modifies spousal consent rules for retirement plan distributions and promotes employee ownership programs.
Key points
Improved retirement plan fee disclosures: easier understanding of costs and their impact on savings.
Personal finance education portal: access to knowledge on saving, investing, budgeting, and student loan repayment.
Increased spousal protection: spousal consent required for distributions from certain retirement plans.
Automatic reenrollment: employees who opted out will be automatically re-enrolled every 3 years unless they opt out again.
Employee Ownership and Participation Initiative: support for businesses where employees are co-owners and influence decisions.
Refund to Rainy Day Savings Program: allows taxpayers to defer a portion of their tax refund into a special interest-bearing account, with an early withdrawal option.
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Status:
Expired
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Additional Information
Print number: 117_HR_7310
Sponsor: Rep. McBath, Lucy [D-GA-6]
Process start date: 2022-03-31
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Protecting America’s Retirement Security Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7310.

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 2022-03-31.

What are the main provisions?

Key points include:

  • Improved retirement plan fee disclosures: easier understanding of costs and their impact on savings.
  • Personal finance education portal: access to knowledge on saving, investing, budgeting, and student loan repayment.
  • Increased spousal protection: spousal consent required for distributions from certain retirement plans.
  • Automatic reenrollment: employees who opted out will be automatically re-enrolled every 3 years unless they opt out again.
  • Employee Ownership and Participation Initiative: support for businesses where employees are co-owners and influence decisions.
  • Refund to Rainy Day Savings Program: allows taxpayers to defer a portion of their tax refund into a special interest-bearing account, with an early withdrawal option.
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. McBath, Lucy [D-GA-6].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 471.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

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