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New National Retirement Plan with Government Matching Contributions

This act establishes a new nationwide retirement savings plan for workers without access to existing programs. It allows for automatic enrollment with an opt-out option and provides government matching contributions to savings. The goal is to improve the financial security of working Americans in retirement.
Key points
Establishes a new, accessible retirement plan (American Worker Retirement Plan) for individuals without existing retirement options.
Introduces automatic enrollment for eligible workers, with an option to opt out.
Offers government matching contributions (Government Match Tax Credit) to participant savings, boosting their retirement funds.
Allows flexible contributions and withdrawals, including loans and hardship withdrawals.
Ensures spousal protections and survivor rights in case of a participant's death.
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Expired
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Additional Information
Print number: 117_HR_9462
Sponsor: Rep. Sewell, Terri A. [D-AL-7]
Process start date: 2022-12-08
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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

Retirement Savings for Americans Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9462.

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 2022-12-08.

What are the main provisions?

Key points include:

  • Establishes a new, accessible retirement plan (American Worker Retirement Plan) for individuals without existing retirement options.
  • Introduces automatic enrollment for eligible workers, with an option to opt out.
  • Offers government matching contributions (Government Match Tax Credit) to participant savings, boosting their retirement funds.
  • Allows flexible contributions and withdrawals, including loans and hardship withdrawals.
  • Ensures spousal protections and survivor rights in case of a participant's death.
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. Sewell, Terri A. [D-AL-7].

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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