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New Portable Retirement and Investment Accounts for All Americans

This act establishes new, portable retirement and investment accounts to make saving for the future easier. Citizens can expect automatic account creation, and in some cases, initial federal contributions, aiming to increase access to retirement savings for everyone, regardless of employment.
Key points
Automatic creation of retirement accounts for every American with a Social Security number.
Potential for initial federal contributions to accounts for children from lower-income families.
Account portability, meaning savings stay with you regardless of job changes.
Option for personal contributions, including automatic payroll deductions, and employer contributions.
Access to various investment options, including lifecycle funds, and the ability to convert to a Roth PRIA.
Simplified rules for rolling over funds from other retirement plans into new PRIA accounts.
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Expired
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Additional Information
Print number: 117_S_2870
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2021-09-28
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

PRIA Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2870.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-28.

What are the main provisions?

Key points include:

  • Automatic creation of retirement accounts for every American with a Social Security number.
  • Potential for initial federal contributions to accounts for children from lower-income families.
  • Account portability, meaning savings stay with you regardless of job changes.
  • Option for personal contributions, including automatic payroll deductions, and employer contributions.
  • Access to various investment options, including lifecycle funds, and the ability to convert to a Roth PRIA.
  • Simplified rules for rolling over funds from other retirement plans into new PRIA accounts.
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. Warner, Mark R. [D-VA].

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.

CATEGORIES

Benefits Taxes Economy