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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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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
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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.

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