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New National Retirement Savings Plan with Government Matching Contributions.

This act establishes a new national retirement savings plan for workers without existing retirement options. It features automatic enrollment with an opt-out choice and government matching contributions, aiming to enhance financial security for retirement.
Key points
Establishes the American Worker Retirement Fund for employees without existing retirement plans.
Introduces automatic enrollment with a default contribution rate of 3% of compensation, with an opt-out option.
Provides a Government Match Tax Credit directly deposited into participant accounts.
Offers various investment options, including government securities, fixed-income, and stock index funds.
Funds in the account are owned by the individual and do not affect eligibility for federal public assistance benefits.
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Additional Information
Print number: 117_S_5271
Sponsor: Sen. Hickenlooper, John W. [D-CO]
Process start date: 2022-12-15
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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_S_5271.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-15.

What are the main provisions?

Key points include:

  • Establishes the American Worker Retirement Fund for employees without existing retirement plans.
  • Introduces automatic enrollment with a default contribution rate of 3% of compensation, with an opt-out option.
  • Provides a Government Match Tax Credit directly deposited into participant accounts.
  • Offers various investment options, including government securities, fixed-income, and stock index funds.
  • Funds in the account are owned by the individual and do not affect eligibility for federal public assistance 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 Sen. Hickenlooper, John W. [D-CO].

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.

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