Saving for the Future Act
Latest action · Apr 8, 2019 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 8, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Saving for the Future Act
This bill requires employers to make minimum contributions to savings plans for full-time employees and increases certain individual and corporate income tax rates. Specifically, it requires employers of 10 or more full-time employees to contribute 50 cents for each hour an employee works to a qualified pension plan. The minimum contribution increases to 60 cents per hour after two years and proportionally based on income beginning two years thereafter.
The bill further establishes the Federal Universal Personal Savings Investment Board to oversee UP retirement and savings accounts. Employers may make contributions to such accounts directly as a qualified plan or through a state-run program. UP retirement accounts are portable, defined-contribution pension plans to which employees must contribute 4% of the employee's wages unless the employee opts out. Employers must make the minimum required contribution under this program as well as match employee contributions up to 10% of an employee's wages. The initial $2,500 of such employer contributions may be applied to an UP savings account and used for certain nonroutine expenses such as a large medical bill or home mortgage down payment.
Employer contributions to UP accounts are generally exempt from income tax and employee contributions may be pretax or posttax. Employers also receive a tax credit for a specified portion of the minimum contribution amount for up to the employer's first 30 employees.
Additionally, the bill also increases the highest individual income tax rate from 37% to 39.6% and the highest corporate income tax rate from 21% to 23%.
Cosponsors 2
Members who signed on, in the order they did. All signed on Apr 8, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DE | Lisa Blunt Rochester | Original | Apr 8, 2019 |
| D-GA | Lucy McBath | Original | Apr 8, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 8, 2019Introduced in House
- Apr 8, 2019Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1053 | Saving for the Future Act | Related bill | Apr 4, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Apr 8, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.