# Summary of H.R. 6065: Retirement Savings for Americans Act of 2023
This bill establishes the American Worker Retirement Plan, a new federal retirement savings program designed to help workers without access to employer retirement plans build retirement savings. The program creates the American Worker Retirement Fund, which operates similarly to the Thrift Savings Plan available to federal employees, offering participants a range of investment options from government securities to stock index funds.
The bill covers workers employed by businesses without existing retirement plans and self-employed individuals, automatically enrolling them with a default contribution rate of 3 percent of compensation unless they opt out. Participating employers must complete enrollment within one year of the fund's establishment. Workers can adjust their contribution amounts, withdraw funds under specific circumstances (such as age 59½ or financial hardship), borrow from their accounts, and receive their balance as an annuity or lump sum upon retirement.
The legislation establishes a government matching contribution system through a new tax credit (section 25F of the Internal Revenue Code). The government matches 100 percent of contributions up to 3 percent of gross income, 50 percent of contributions between 3 and 5 percent, plus an additional 1 percent base credit on all eligible individuals' gross income. This match gradually phases out for higher earners but is not counted as income when determining eligibility for federal public assistance programs.
Governance falls to an American Worker Retirement Investment Board composed of five members appointed by the President with Senate confirmation, supported by an Executive Director and advisory council. The bill includes extensive fiduciary protections modeled on ERISA requirements, establishing liability standards, prohibited transaction rules, bonding requirements, and enforcement mechanisms. No specific funding authorization or timeline for implementation is provided beyond the requirement that employers complete enrollment one year after the fund's establishment.