Saving for the Future Act

This bill would require employers with at least 10 full-time equivalent employees to provide a retirement plan and contribute at least $0.50 per hour worked for each full-time employee, rising to $0.60 and then adjusted to wage growth. It would create a federal board and fund to run portable "UP" retirement accounts, with automatic enrollment at 4 percent of wages, plus UP savings accounts for emergencies with an initial cap of $2,500. It would raise the small-employer retirement plan startup tax credit, create tax credits for employer minimum contributions and for certain individuals who save for retirement. It would raise the top individual income tax rate from 37 percent to 39.6 percent and the corporate tax rate from 21 percent to 23 percent.

Full text and official record on Congress.gov

Sponsors

• Scott H. Peters Democrat sponsor
• 1 cosponsors