To establish the American Worker Retirement Plan, improve the financial security of working Americans by facilitating the accumulation of wealth, and for other purposes.
Sponsors
Legislative Progress
IntroducedMr. Smucker (for himself, Ms. Sewell, Ms. Malliotakis, Ms. Tenney, …
Primary Purpose
Establishes the American Worker Retirement Fund, a new national retirement savings program for workers without access to employer-sponsored retirement plans, with automatic enrollment, government matching contributions, and professional investment management.
Policy Domains
Legislative Strategy
"Expand retirement savings access by creating a federally-administered retirement fund modeled on the Thrift Savings Plan, with automatic enrollment and government matching to incentivize participation by lower-income workers."
Likely Beneficiaries
- Workers without access to employer-sponsored retirement plans
- Independent contractors and gig economy workers
- Low-to-moderate income workers (via government matching)
- Small businesses (relieved of retirement plan administration burden)
- Financial services firms selected as asset managers
Likely Burden Bearers
- Federal taxpayers (funding government matching contributions)
- Employers of qualifying workers (administrative enrollment burden)
- Existing retirement plan providers (potential competition from government-run fund)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_board"
- → American Worker Retirement Investment Board
- "the_secretary"
- → Secretary of the Treasury
- "the_executive_director"
- → Executive Director of the American Worker Retirement Investment Board
- "the_board"
- → American Worker Retirement Investment Board
- "the_executive_director"
- → Executive Director of the American Worker Retirement Investment Board
- "the_secretary_of_labor"
- → Secretary of Labor
- "the_secretary"
- → Secretary of the Treasury
Note: 'The Secretary' refers to the Secretary of the Treasury in Title I and Title III, but 'Secretary of Labor' is explicitly named in Title II for fiduciary oversight.
Key Definitions
Terms defined in this bill
The American Worker Retirement Fund established under section 101(a).
The American Worker Retirement Investment Board established under section 201.
An account established and maintained under section 107 of the Act.
Any qualifying worker who is enrolled to participate in the Fund under section 104(a) and has not opted out of participation.
An employee who works for a business that has not established an existing retirement plan, or is not eligible to participate in such plan; or an independent contractor who is self-employed and has not established an existing retirement plan.
Any business that employs a qualifying worker or contracts with an independent contractor who is a qualifying worker and opts to enroll such worker.
An eligible retirement plan as defined in IRC section 402(c)(8)(B), including defined benefit plans, the Thrift Savings Plan, and other tax-deferred retirement plans.
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology