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New Retirement Savings Plan for Workers and Self-Employed

This act establishes a new nationwide retirement savings plan for workers without existing retirement options and for the self-employed. It features automatic enrollment with an opt-out option and offers government matching tax credits to encourage saving for retirement.
Key points
Establishes a new retirement fund (American Worker Retirement Fund) managed by an independent board, available to individuals without existing retirement plans.
Introduces automatic enrollment for employees with a default contribution rate of 3% of compensation, with an opt-out option.
Offers a Government Match Tax Credit, providing a government contribution to savings, increasing the participant's account balance.
Allows flexible withdrawals upon retirement, including annuities, lump sums, or installments, as well as loans and early withdrawals for financial hardship.
Ensures protection of account funds from seizure, with exceptions for child support, tax levies, and fund loans.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_HR_6065
Sponsor: Rep. Smucker, Lloyd [R-PA-11]
Process start date: 2023-10-25
Lustra uses Artificial Intelligence. Verify details in source documents.
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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6065.

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 2023-10-25.

What are the main provisions?

Key points include:

  • Establishes a new retirement fund (American Worker Retirement Fund) managed by an independent board, available to individuals without existing retirement plans.
  • Introduces automatic enrollment for employees with a default contribution rate of 3% of compensation, with an opt-out option.
  • Offers a Government Match Tax Credit, providing a government contribution to savings, increasing the participant's account balance.
  • Allows flexible withdrawals upon retirement, including annuities, lump sums, or installments, as well as loans and early withdrawals for financial hardship.
  • Ensures protection of account funds from seizure, with exceptions for child support, tax levies, and fund loans.
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. Smucker, Lloyd [R-PA-11].

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 2025-12-25.

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