Bill > HR4718

This bill, titled the "Helping Young Americans Save for Retirement Act," proposes changes to the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to lower the minimum age for pension plan participation from 21 to 18 years old. The bill allows younger workers to become eligible for pension plans either immediately upon turning 18 or after completing two consecutive 12-month periods with at least 500 hours of service. The legislation aims to make retirement savings more accessible to younger workers by modifying participation standards. Specifically, the bill adjusts the rules for when an employee can join a pension plan, providing more flexibility for younger employees to start saving for retirement earlier. The changes would apply to plan years beginning one year after the Act's enactment, giving employers time to adjust their pension plan policies. Additionally, the bill includes technical amendments to existing laws to ensure consistent language and implementation of the new age-related participation standards across different sections of ERISA and the tax code.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4718/all-info