Bill > S2335

This bill, titled the "Pensions for All Act," requires every employer to provide their employees with a retirement program that is either equivalent to the Federal Employees Retirement System (FERS) or allows employees to participate directly in FERS. The bill defines key terms and establishes a comprehensive framework for retirement benefits that applies to both traditional employers and self-employed individuals. Employers and self-employed individuals will have the flexibility to choose between a comparable retirement program or FERS, with the option to switch between these options periodically. The bill includes provisions for contribution reductions for smaller employers and self-employed individuals with lower revenues or income, and introduces tax credits to offset pension contribution costs. To ensure compliance, the bill establishes financial penalties for employers and self-employed individuals who fail to provide a retirement program, with daily fines that can accumulate up to $500,000 annually for unintentional failures. Additionally, the bill prohibits employers from reducing employee compensation as a result of implementing these new retirement requirements. The legislation aims to expand retirement benefits coverage and provide more consistent retirement options across different types of employment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/2335/all-info