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New Retirement Savings Plan for Americans with Government Matching.

This act establishes a new nationwide retirement savings plan for workers without access to existing retirement options. Citizens can automatically save a portion of their earnings, and the government will contribute to their accounts, aiming to enhance financial security in retirement. These funds will not be considered income for certain federal public assistance benefits.
Key points
Establishes a new retirement fund (American Worker Retirement Fund) for individuals without access to traditional plans.
Introduces automatic enrollment with an opt-out option, with a default contribution rate of 3% of compensation.
Offers a Government Match Tax Credit directly deposited into the participant's account.
Provides protection for funds against seizure, except for child support and tax obligations.
Allows withdrawals after age 59.5 or in cases of financial hardship, and upon leaving employment.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2696
Sponsor: Rep. Smucker, Lloyd [R-PA-11]
Process start date: 2025-04-07
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Retirement Savings for Americans Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_2696.

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 2025-04-07.

What are the main provisions?

Key points include:

  • Establishes a new retirement fund (American Worker Retirement Fund) for individuals without access to traditional plans.
  • Introduces automatic enrollment with an opt-out option, with a default contribution rate of 3% of compensation.
  • Offers a Government Match Tax Credit directly deposited into the participant's account.
  • Provides protection for funds against seizure, except for child support and tax obligations.
  • Allows withdrawals after age 59.5 or in cases of financial hardship, and upon leaving employment.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

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