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New Starter 401(k) Retirement Plans for Small Businesses

This act introduces new, simplified 401(k) retirement plans for employers who previously did not offer any retirement savings programs. This will allow more individuals to automatically save for their future, with the option to opt out or change contribution levels. The goal is to make retirement saving easier, especially for employees in smaller companies.
Key points
Simplified 401(k) plans for employers without existing retirement programs.
Automatic enrollment of employees with an opt-out option.
Contribution limit of $6,000 per year, subject to cost-of-living adjustments.
Simplified reporting requirements for employers.
Allows for catch-up contributions for individuals aged 50 and over.
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Expired
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Additional Information
Print number: 117_HR_8125
Sponsor: Rep. Sánchez, Linda T. [D-CA-38]
Process start date: 2022-06-16
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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

Starter-K Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8125.

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 2022-06-16.

What are the main provisions?

Key points include:

  • Simplified 401(k) plans for employers without existing retirement programs.
  • Automatic enrollment of employees with an opt-out option.
  • Contribution limit of $6,000 per year, subject to cost-of-living adjustments.
  • Simplified reporting requirements for employers.
  • Allows for catch-up contributions for individuals aged 50 and over.
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. Sánchez, Linda T. [D-CA-38].

What is the latest detailed status?

The latest detailed status is: Introduced in House

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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