Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, and 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 Pensions for All Act requires virtually all employers and self-employed individuals to provide retirement benefits by either offering a private pension plan equivalent to the Federal Employees Retirement System (FERS) or enrolling their workers in FERS itself. The bill expands FERS and the federal Thrift Savings Plan to cover private-sector employees and self-employed individuals who currently lack adequate retirement coverage, with contribution rates scaled according to employer size and worker income—small employers and lower-earning self-employed individuals pay only half the standard contribution rate, with the Treasury Department covering the difference. The law prohibits employers from reducing worker compensation in response to these new retirement requirements and allows employers and self-employed individuals to switch between offering a comparable private plan or participating in FERS annually. This legislation essentially creates a universal retirement savings system that extends the federal pension framework to the broader American workforce.
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