Bill > S1526

This bill establishes the American Worker Retirement Plan, a new government-sponsored retirement savings program designed to help working Americans who do not currently have access to robust retirement benefits. The bill creates the American Worker Retirement Fund, which will allow qualifying workers (primarily those without existing employer retirement plans) to automatically enroll in a retirement account with multiple investment options, including government securities, fixed-income investments, stock index funds, and lifecycle investment funds. Participants can contribute a percentage of their income, with the government providing a matching tax credit that increases based on contribution levels. The fund will be managed by a newly established American Worker Retirement Investment Board, which will oversee investment strategies and ensure fiduciary responsibility. Participants can access their funds through various withdrawal options upon leaving their job, including annuities, lump-sum payments, or transfers to other retirement plans. The bill includes provisions to protect participants' interests, such as spousal rights, financial literacy requirements, and strict regulations on fund management to prevent conflicts of interest. Critically, the plan is designed to complement, not replace, existing Social Security benefits and is intended to provide an additional retirement savings option for workers who currently lack comprehensive retirement planning opportunities.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1526/all-info