Retirement Savings for Americans Act of 2023
The Retirement Savings for Americans Act of 2023 creates a new retirement savings program for workers who don't have access to an employer-sponsored retirement plan with automatic enrollment. The program automatically enrolls eligible workers at 3% of their pay, with the government matching up to 100% of the first 3% contributed. Workers can choose from investment options including government securities, fixed income, and stock index funds. The program is managed by a new Investment Board with fiduciary responsibilities to protect participants' savings and is funded through participant contributions and government matching credits.
Bill status
in committee
1 of 4 stages cleared
Introduction
Oct 2023
Committee Review
Floor Vote
President
Introduced Oct 19, 2023
Last action Oct 19, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Oct 19, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
Oct 19, 2023
Introduced
Introduced in Senate
upper
1 primary · 5 co-sponsors
Sponsors
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