releases: https://www.tillis.senate.gov/2023/10/tillis-colleagues-reintroduce-bipartisan-legislation-to-help-americans-save-for-retirement
Data license: MIT · Data source: dwillis/congress-press
This data as json
| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. – 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. The 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. “Roughly 40 million Americans lack access to an employer-sponsored retirement plan, which represents a significant roadblock to achieving financial security for their retirement,” said Senator Tillis. “The Retirement Savings for Americans Act tackles this problem by establishing a pathway for savings for Americans lacking retirement options.” The Retirement Savings for Americans Act contains the following provisions: Eligibility 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. Federal 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. Portability: Accounts would remain attached to workers throughout their lifetimes, and workers would be able to stop and start contributions at will. Private Assets: The accounts would be the worker’s property, and the assets could be passed down to future generations to help them build wealth and financial security. Investment 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’s estimated retirement date or index funds made of stocks and bonds. View quotes of support from Charles Schwab and others HERE. View a one-page explainer of the bill HERE. Full text of the bill is available HERE. ### | 1 | 2026-03-30T01:40:41Z | 2026-04-08T00:49:26Z |