summary
Introduced
05/12/2025
05/12/2025
In Committee
05/12/2025
05/12/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 with respect to minimum participation standards for pension plans and qualified trusts.
AI Summary
This bill aims to lower the age at which young workers can participate in pension plans by modifying existing retirement and tax laws. Specifically, it reduces the minimum participation age from 21 to 18 for employees in retirement plans covered by the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. The bill allows younger workers to join pension plans either immediately upon turning 18 or after completing two consecutive 12-month periods with at least 500 hours of service in each period. Additionally, the legislation makes technical changes to how pension plan participants are counted and provides a transition period, with the new rules applying to plan years beginning one year after the Act's enactment. The goal is to help young Americans start saving for retirement earlier by removing age-based barriers to participation in employer-sponsored retirement plans, potentially giving them more time to accumulate savings and benefit from compound interest.
Committee Categories
Health and Social Services
Sponsors (8)
Bill Cassidy (R)*,
Angela Alsobrooks (D),
Susan Collins (R),
Jon Husted (R),
Tim Kaine (D),
Jeanne Shaheen (D),
Tommy Tuberville (R),
Raphael Warnock (D),
Last Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 05/12/2025)
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/119th-congress/senate-bill/1707/all-info |
| BillText | https://www.congress.gov/119/bills/s1707/BILLS-119s1707is.pdf |
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