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Retirement Savings Support: Matching Payments and New R-Bond Accounts

This act introduces new government matching payments for retirement savings for low- and middle-income individuals contributing to retirement accounts or IRAs. Additionally, it establishes a new R-Bond Program to simplify the creation and management of individual retirement plans, especially for those without traditional banking access. The goal is to encourage more Americans to save for their future by offering direct financial support and simplified tools.
Key points
New Retirement Savings Matching Program: The government will match 50% of the first $2,000 contributed to retirement accounts (IRA, 401(k), etc.) for eligible individuals based on income.
Support for Lower Incomes: A minimum credit of $100 is guaranteed, even if 50% of contributions would be less, encouraging even small savings.
R-Bond Program: A new, free government program will be established to allow individuals to open and manage Individual Retirement Accounts (IRAs) invested in special Treasury bonds, accessible even to those without bank accounts.
Coronavirus Recovery Bonus Credit: For five years (2023-2027), an additional 50% bonus will be applied to an aggregate amount of $10,000 of qualified retirement savings contributions over the period, subject to income limits.
Easier Tax Refund Contributions: Individuals can directly deposit tax refunds into their Individual Retirement Accounts (IRAs) for taxable years beginning after 2021.
Increased Awareness: The government will promote awareness of these new savings opportunities and the R-Bond Program.
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Additional Information
Print number: 117_S_2452
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2021-07-22
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Encouraging Americans to Save Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2452.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-07-22.

What are the main provisions?

Key points include:

  • New Retirement Savings Matching Program: The government will match 50% of the first $2,000 contributed to retirement accounts (IRA, 401(k), etc.) for eligible individuals based on income.
  • Support for Lower Incomes: A minimum credit of $100 is guaranteed, even if 50% of contributions would be less, encouraging even small savings.
  • R-Bond Program: A new, free government program will be established to allow individuals to open and manage Individual Retirement Accounts (IRAs) invested in special Treasury bonds, accessible even to those without bank accounts.
  • Coronavirus Recovery Bonus Credit: For five years (2023-2027), an additional 50% bonus will be applied to an aggregate amount of $10,000 of qualified retirement savings contributions over the period, subject to income limits.
  • Easier Tax Refund Contributions: Individuals can directly deposit tax refunds into their Individual Retirement Accounts (IRAs) for taxable years beginning after 2021.
  • Increased Awareness: The government will promote awareness of these new savings opportunities and the R-Bond Program.
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 Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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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