Bill > HR7556

This bill, titled the "Pensions for All Act," mandates that every employer must provide their employees with a retirement program that offers benefits comparable to the Federal Employees Retirement System (FERS), or alternatively, allow employees to participate in FERS itself. The bill defines "covered retirement program" as any retirement plan, other than FERS, that the Secretary of Labor (referred to as "Secretary") determines provides equivalent benefits. It also defines "employer" and "employee" according to the Employee Retirement Income Security Act of 1974 (ERISA), a federal law governing employee benefit plans. Self-employed individuals are also required to enroll in a covered retirement program or participate in FERS. The bill allows employers and self-employed individuals to switch between offering a covered retirement program and participating in FERS at least annually. Furthermore, it amends existing law to permit non-federal employees and self-employed individuals to participate in FERS, including provisions for calculating their "basic pay" and creditable service. The bill also introduces a tax credit for small employers and self-employed individuals for their pension contributions and imposes a daily tax of $10 per employee for employers or self-employed individuals who fail to provide or participate in the required retirement programs, with limitations and waiver possibilities. Finally, it prohibits employers from reducing an employee's compensation due to the new retirement plan requirements.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7556/all-info