New Retirement Savings Plan for Workers Lacking Employer-Sponsored Options.
This Act establishes the American Worker Retirement Plan (AWRP) to provide retirement savings access to individuals whose employers do not offer traditional plans, including small business employees and independent contractors. A key feature is the Government Match Tax Credit, which provides direct contributions to the savings account, helping citizens build future wealth. Importantly, funds held in this plan will not count against eligibility for federal public assistance benefits.
Key points
Automatic enrollment into a retirement plan for qualifying workers who lack access to existing employer-sponsored plans (with an opt-out option).
A Government Match Tax Credit provides a direct contribution to the account, matching 100% of the first 3% of income contributed by the worker.
Contributions are treated as Roth contributions (after-tax), meaning future withdrawals in retirement will be tax-free.
Savings accumulated in the plan will not be considered when determining eligibility for Federal public assistance benefits.
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