The Pensions for All Act requires all private employers and self-employed individuals to provide retirement benefits comparable to the Federal Employees Retirement System (FERS) or directly enroll their employees and themselves in FERS. The bill expands access to the federal Thrift Savings Fund (a pension system currently available only to federal employees) to private-sector workers and creates a tiered contribution structure offering reduced rates for smaller employers (those under $25 million in revenue pay 50% of standard rates) and self-employed individuals earning under $75,000 annually, with the federal government subsidizing the difference through Treasury credits and tax credits. Employers who fail to comply face a $10-per-day penalty per employee (adjusted for inflation after 2026), with a $500,000 annual cap on unintentional violations, and employers are prohibited from cutting worker pay to offset these costs. The legislation gives employers and self-employed individuals the flexibility to switch between their own comparable retirement plans and FERS enrollment on an annual basis.
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