Bill > HR2696

This bill establishes the American Worker Retirement Plan, a new retirement savings program designed to help workers who do not currently have access to workplace retirement plans. The bill creates an American Worker Retirement Fund managed by a newly established investment board, which will offer various investment options like government securities, fixed-income funds, and stock index funds. Employees and independent contractors who do not have existing retirement plans can automatically enroll in the program, contributing a percentage of their income with a government match tax credit. Participants can contribute up to their compensation limits, with catch-up contributions allowed for older workers. The fund provides flexibility in withdrawal options, including annuities, lump-sum payments, and transfers to existing retirement plans. The government will provide a tax credit that matches contributions, with higher match rates for lower contribution percentages and phased out for higher-income earners. The bill includes robust governance provisions, establishing an investment board and advisory council to manage the fund, with strict fiduciary responsibilities and protections for participants. Importantly, the fund is designed to supplement, not replace, Social Security benefits, and funds in the account will not count against eligibility for federal public assistance benefits for individuals under 65.

Education

https://www.congress.gov/bill/119th-congress/house-bill/2696/all-info