What is the official ID of this bill?
The official print number for this legislation is HR 6065.
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.
Status:
Expired
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