Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Saving for the Future Act creates a new universal retirement savings program called UP Accounts, requiring employers with 10 or more employees to contribute to retirement accounts for workers without employer pension plans, starting with $0.50 per hour worked and increasing over time. The bill establishes two types of accounts—UP Retirement Accounts with diversified, low-fee investment options and automatic risk reduction near retirement, and UP Savings Accounts for short-term needs capped at $2,500 (growing $100 annually)—while automatically enrolling employees at 4% contributions with annual increases up to 10%. To fund the program and support Social Security, the legislation increases the top individual income tax rate from 37% to 39.6% and the corporate tax rate from 21% to 23%, and creates a new 50% tax credit for individuals contributing to retirement accounts, with lost revenue directed to Social Security trust funds. The bill also provides expanded tax credits to incentivize small employers to establish pension plans and make minimum retirement contributions.
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