{"database": "press", "table": "releases", "rows": [["https://www.tillis.senate.gov/2023/10/tillis-colleagues-reintroduce-bipartisan-legislation-to-help-americans-save-for-retirement", "Tillis, Colleagues Reintroduce Bipartisan Legislation to Help Americans Save for Retirement", "2023-10-25", "2023", "2023-10", "Republican", "Senate", "NC", "Thom Tillis", "T000476", "www.tillis.senate.gov", "tillis", "https://www.tillis.senate.gov/press-releases", "scraper", "WASHINGTON, D.C. \u2013 Senators Thom Tillis and John Hickenlooper (D-CO), alongside Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL), recently introduced the Retirement Savings for Americans Act (RSAA),bipartisan legislation to help low- and middle-income Americans build wealth and save for retirement.\n\nThe bill would establish a new program allowing eligible workers access to portable, tax-advantaged retirement savings accounts. If passed, the RSAA would enable the federal government to match contributions for low- and middle-income workers, with the match beginning to phase out at median income.\n\n\u201cRoughly 40 million Americans lack access to an employer-sponsored retirement plan, which represents a significant roadblock to achieving financial security for their retirement,\u201d said Senator Tillis. \u201cThe Retirement Savings for Americans Act tackles this problem by establishing a pathway for savings for Americans lacking retirement options.\u201d\n\nThe Retirement Savings for Americans Act contains the following provisions:\n\nEligibility and Auto Enrollment: Full- and part-time workers who lack access to an employer-sponsored retirement plan would be eligible for an account and automatically enrolled at 3% of their income. Workers could increase or decrease their withholding or opt-out at any time. Independent workers (including gig workers) would also be eligible.\n\nFederal Contribution: Low- and moderate-income workers would be eligible for a 1% automatic contribution (as long as they remain employed) and up to a 4% matching contribution via a refundable federal tax credit. This provision would begin to phase out at median income.\n\nPortability: Accounts would remain attached to workers throughout their lifetimes, and workers would be able to stop and start contributions at will.\n\nPrivate Assets: The accounts would be the worker\u2019s property, and the assets could be passed down to future generations to help them build wealth and financial security.\n\nInvestment Options: Much like the current Thrift Savings Plan, participants would be given a menu of simple, low-fee investment options, including lifecycle funds tied to a worker\u2019s estimated retirement date or index funds made of stocks and bonds.\n\nView quotes of support from Charles Schwab and others HERE.\n\nView a one-page explainer of the bill HERE.\n\nFull text of the bill is available HERE.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-08T00:49:26Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.tillis.senate.gov/2023/10/tillis-colleagues-reintroduce-bipartisan-legislation-to-help-americans-save-for-retirement"], "units": {}, "query_ms": 0.7362468168139458, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}