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Workplace Savings Accounts: Support for Financial Emergencies

This new law allows employers to offer employees special savings accounts for financial emergencies. Money will be automatically deducted from wages, and access to funds will be easy and quick. This aims to help citizens build a financial cushion and increase their financial security.
Key points
Employers can offer short-term savings accounts with automatic payroll deductions.
Accounts have no minimum balance, with a maximum of $10,000 (adjusted for inflation).
Funds are readily available at any time, and the full balance is paid within 5 business days after employment ends.
Employers have a responsibility to ensure secure contributions and provide clear information to employees.
A pilot program is established, offering employers up to $400 per employee account.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_2601
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2021-08-04
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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

Strengthening Financial Security Through Short-Term Savings Accounts Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2601.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-04.

What are the main provisions?

Key points include:

  • Employers can offer short-term savings accounts with automatic payroll deductions.
  • Accounts have no minimum balance, with a maximum of $10,000 (adjusted for inflation).
  • Funds are readily available at any time, and the full balance is paid within 5 business days after employment ends.
  • Employers have a responsibility to ensure secure contributions and provide clear information to employees.
  • A pilot program is established, offering employers up to $400 per employee account.
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. Booker, Cory A. [D-NJ].

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 2025-12-29.

CATEGORIES

Labor Economy