H.R. 2696: Retirement Savings for Americans Act of 2025
The Retirement Savings for Americans Act of 2025 is a legislative proposal aimed at improving the financial security of working Americans by establishing a new retirement savings framework. The key components of this bill include the creation of the American Worker Retirement Plan, which offers various investment management options to help participants accumulate wealth while saving for retirement.
American Worker Retirement Plan
This plan is designed to enhance retirement savings for individuals by providing them with structured options for retirement accounts. It focuses on making it easier for working Americans to invest in their retirement and build a secure financial future. The plan will potentially allow for direct contributions from workers, employers, and tax incentives to encourage participation.
American Worker Retirement Investment Board
The bill also establishes the American Worker Retirement Investment Board, a governing body responsible for managing retirement funds associated with the American Worker Retirement Plan. This Board will be composed of appointed members who possess expertise in investment management. Their duties include:
- Overseeing the management of retirement funds
- Developing investment policies that are in the best interest of participants
- Providing financial literacy support to help individuals make informed decisions about their retirement savings
Members of the Board are subject to Senate confirmation, ensuring accountability and adherence to fiduciary responsibilities.
Compliance and Regulatory Framework
The legislation also emphasizes compliance with regulations and subpoenas, establishing that failure to comply can result in court orders requiring adherence. The Executive Director of the Board is tasked with creating the necessary regulations to support the enforcement of the act and ensure that it functions as intended.
Government Match Tax Credit
An important feature of this act is the introduction of a Government Match Tax Credit, which aims to incentivize eligible individuals to contribute to their retirement savings. This credit would provide financial support through matching contributions from the government, subject to specific provisions regarding eligibility and contribution limits, thereby encouraging more Americans to participate in retirement savings plans.
Overall Goals
The overarching aim of the Retirement Savings for Americans Act of 2025 is to facilitate better retirement planning for American workers, easing the path to accumulating wealth for retirement through structured savings options, expert management, and supportive policies.
Relevant Companies
- BLK - BlackRock, Inc.: As one of the largest asset management firms, they may see increased inflow into retirement products as a result of new retirement plans.
- N/A - The Vanguard Group: While not publicly traded, their investment strategies may be influenced by new regulations and offerings within the retirement plan structure.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
7 bill sponsors
Actions
2 actions
| Date | Action |
|---|---|
| Apr. 07, 2025 | Introduced in House |
| Apr. 07, 2025 | Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, 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. |
Corporate Lobbying
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