summary
Introduced
05/25/2022
05/25/2022
In Committee
05/25/2022
05/25/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To allow employers to offer pension-linked emergency savings accounts for financial emergencies, and for other purposes.
AI Summary
This bill, the Emergency Savings Act of 2022, would allow employers to offer pension-linked emergency savings accounts as part of their defined contribution retirement plans. These accounts would allow employees to contribute pre-tax or after-tax money, which the employer could also contribute to, up to a maximum balance of $2,500 (adjusted for inflation). The accounts would have minimal fees, allow monthly withdrawals, and the balance could be rolled over into the employee's retirement account upon leaving the job. The bill also includes provisions to preempt state laws that restrict the use of automatic enrollment in these accounts and minimize reporting requirements compared to traditional retirement plans.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 05/25/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/4310/all-info |
| BillText | https://www.congress.gov/117/bills/s4310/BILLS-117s4310is.pdf |
| Bill | https://www.congress.gov/117/bills/s4310/BILLS-117s4310is.pdf.pdf |
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