To establish a universal personal savings program, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill creates congressional findings establishing the justification for universal personal savings legislation, citing statistics on retirement savings gaps among American workers, amends ERISA to create a new Universal Personal Savings program requiring employers with 10+ FTE employees to make mandatory contributions to retirement plans and establishing a Federal Universal Personal Savings, and establishes key definitions for the Universal Personal Savings program including applicable employer, Board, employee, full-time equivalent calculations. It relies on tax credits, product standards, compliance mandates, and appropriations. The main policy areas are Retirement Security, Labor, and Finance.
Who Benefits and How
Federal government revenue could gain revenue opportunities, UP Account participants could see lower costs, and Workers without current retirement plan access could gain revenue opportunities.
Who Bears the Burden and How
Federal government revenue could lose revenue opportunities, High-income individuals in the top tax bracket could face higher costs, and Employers with 10+ full-time equivalent employees could face higher costs.
Key Provisions
- Creates congressional findings establishing the justification for universal personal savings legislation, citing statistics on retirement savings gaps among American workers.
- Amends ERISA to create a new Universal Personal Savings program requiring employers with 10+ FTE employees to make mandatory contributions to retirement plans and establishing a Federal Universal Personal Savings...
- Establishes key definitions for the Universal Personal Savings program including applicable employer, Board, employee, full-time equivalent calculations.
- Mandates employer contributions of $0.50-$0.60 per hour worked for each employee to a qualifying retirement plan, with contributions indexed to wage growth.
- Creates the Federal Universal Personal Savings Investment Board as an independent government agency with 5 presidentially-appointed members to oversee UP Accounts.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates congressional findings establishing the justification for universal personal savings legislation, citing statistics on retirement savings gaps among American workers, amends ERISA to create a new Universal Personal Savings program requiring employers with 10+ FTE employees to make mandatory contributions to retirement plans and establishing a Federal Universal Personal Savings, and establishes key definitions for the Universal Personal Savings program including applicable employer, Board, employee, full-time equivalent calculations.
Key Policy Areas
Retirement Security, Labor, Finance
Primary Purpose
The bill creates congressional findings establishing the justification for universal personal savings legislation, citing statistics on retirement savings gaps among American workers, amends ERISA to create a new Universal Personal Savings program requiring employers with 10+ FTE employees to make mandatory contributions to retirement plans and establishing a Federal Universal Personal Savings, and establishes key definitions for the Universal Personal Savings program including applicable employer, Board, employee, full-time equivalent calculations.
Policy Domains
ERISA Part 8 - Universal Personal Savings
Identified Gains
- Federal government revenue
- UP Account participants
- Workers without current retirement plan access
- Workers at employers with UP Retirement Accounts
- Small employers with 30 or fewer employees making required contributions
Identified Costs
- Federal government revenue
- High-income individuals in the top tax bracket
- Employers with 10+ full-time equivalent employees
- Employers with 10+ FTE employees not offering defined benefit plans
- C corporations
Sponsors
Legislative Progress
IntroducedMr. Peters (for himself and Mrs. Torres of California) introduced …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Individuals without employer retirement plans, Low and moderate income workers needing emergency savings, UP Account participants
Federal government revenue
Federal government revenue faces effects in multiple directions
Small employers making qualified retirement contributions, Small employers starting new pension plans, Small employers with 30 or fewer employees making required contributions
Employers with 10 or more FTE employees, Employers with 10+ FTE employees not offering defined benefit plans, Employers with 10+ full-time equivalent employees
Financial professionals with pension/investment expertise, Private investment firms administering UP Accounts, Private investment management firms
High-income individuals in the top tax bracket, Unemployed individuals making retirement contributions
Positive-direction: Unemployed individuals making retirement contributions
Negative-direction: High-income individuals in the top tax bracket
Tax-exempt organizations making retirement contributions
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_board"
- → Federal Universal Personal Savings Investment Board
- "the_secretary"
- → Secretary of Labor
- "the_executive_director"
- → Executive Director of the UP Account Board
- "the_secretary"
- → Secretary of the Treasury
Note: 'The Secretary' refers to Secretary of Labor in ERISA Part 8 provisions but Secretary of the Treasury in tax credit provisions
Key Definitions
Terms defined in this bill
An employer with at least 10 full-time equivalent employees that has employed at least 10 FTE employees for not less than 2 years
40 hours per week with respect to employment
The sum of employees working full time plus the full-time equivalent of part-time employees
Safe, short-to-medium-term savings vehicles with a maximum balance amount, designed for emergency/hardship withdrawals
Portable, defined contribution pension plans established by the Federal UP Investment Board
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