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Easier Retirement Savings Transfers and Employer Tax Credits

This act aims to make it easier to transfer retirement savings between employer plans when you change jobs. This should reduce the amount of money cashed out from retirement systems, keeping more funds invested for your future. Employers who implement these automatic transfer solutions may also receive tax credits.
Key points
Automatic Savings Transfers: Your money from a previous retirement plan can be automatically moved to a new plan with a new employer, unless you choose to opt out.
Protecting Your Funds: Companies handling these transfers must act in your best interest, cannot sell your data, and must inform you about all fees and transactions.
Employer Tax Credits: Employers who adopt automatic portability arrangements may receive a one-time tax credit of $500.
More Retirement Savings: The goal is to keep more of your savings within the retirement system instead of being cashed out after a job change, potentially increasing your future benefits.
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Additional Information
Print number: 117_HR_9252
Sponsor: Rep. Schneider, Bradley Scott [D-IL-10]
Process start date: 2022-10-28
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Advancing Auto-Portability Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9252.

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 2022-10-28.

What are the main provisions?

Key points include:

  • Automatic Savings Transfers: Your money from a previous retirement plan can be automatically moved to a new plan with a new employer, unless you choose to opt out.
  • Protecting Your Funds: Companies handling these transfers must act in your best interest, cannot sell your data, and must inform you about all fees and transactions.
  • Employer Tax Credits: Employers who adopt automatic portability arrangements may receive a one-time tax credit of $500.
  • More Retirement Savings: The goal is to keep more of your savings within the retirement system instead of being cashed out after a job change, potentially increasing your future benefits.
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. Schneider, Bradley Scott [D-IL-10].

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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