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New retirement savings for workers and self-employed with government matching.

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 choice and offers government matching contributions to help individuals build financial security for retirement.
Key points
New Retirement Program: Establishes the American Worker Retirement Plan for employees without existing retirement plans and for independent contractors.
Automatic Enrollment & Flexibility: Employers automatically enroll eligible workers, but individuals can opt out. Self-employed individuals can enroll voluntarily.
Government Matching Contributions: The government will contribute to retirement accounts through a tax credit, boosting savings.
Fund Protection: Account funds are owned by the participant, protected from creditors (except for child support/alimony and federal tax levies), and fully non-forfeitable.
Access to Funds: Allows withdrawals upon retirement as an annuity, lump sum, or multiple payments. Loans and early withdrawals are also possible for financial hardship or after age 59.5.
Financial Literacy: Mandates financial literacy requirements, especially before early withdrawals or loans.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_1526
Sponsor: Sen. Hickenlooper, John W. [D-CO]
Process start date: 2025-04-30
Lustra uses Artificial Intelligence. Verify details in source documents.
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_S_1526.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-04-30.

What are the main provisions?

Key points include:

  • New Retirement Program: Establishes the American Worker Retirement Plan for employees without existing retirement plans and for independent contractors.
  • Automatic Enrollment & Flexibility: Employers automatically enroll eligible workers, but individuals can opt out. Self-employed individuals can enroll voluntarily.
  • Government Matching Contributions: The government will contribute to retirement accounts through a tax credit, boosting savings.
  • Fund Protection: Account funds are owned by the participant, protected from creditors (except for child support/alimony and federal tax levies), and fully non-forfeitable.
  • Access to Funds: Allows withdrawals upon retirement as an annuity, lump sum, or multiple payments. Loans and early withdrawals are also possible for financial hardship or after age 59.5.
  • Financial Literacy: Mandates financial literacy requirements, especially before early withdrawals or loans.
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 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 2025-12-23.

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