Pensions for All Act

The Pensions for All Act requires most private sector employers and self-employed individuals to either provide a retirement plan comparable to the Federal Employees Retirement System (FERS) or enroll in FERS. It establishes reduced contribution requirements for smaller employers (with revenue under $100 million) and lower-income self-employed individuals (with income under $125,000), with specific calculation methods based on business size and income. The bill imposes a $10-per-day penalty for failure to provide an adequate retirement plan, with inflation adjustments after 2026, and creates tax credits for eligible retirement contributions through the Internal Revenue Code. The law specifically applies to non-federal workers, as federal employees are already covered by FERS.