Helping Young Americans Save for Retirement Act

Hozzl · 2024-01-26T18:30:19Z

Explore the details of Senate Bill 3305 Helping Young Americans Save for Retirement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/26/2024, 6:30 PM

Summary of Bill S 3305

Bill 118 s 3305, also known as the Helping Young Americans Save for Retirement Act, is a piece of legislation introduced in the US Congress. The main goal of this bill is to encourage young Americans to start saving for retirement at an early age.

One of the key provisions of the bill is the creation of a new type of retirement account called the "Universal Savings Account." This account would allow individuals to contribute up to $2,500 per year on a tax-free basis. The funds in this account could be used for a variety of purposes, including retirement savings, education expenses, and purchasing a first home.

Additionally, the bill aims to make it easier for small businesses to offer retirement savings plans to their employees. It would create a new type of retirement plan called the "Multiple Employer Plan," which would allow small businesses to join together to offer a retirement plan to their employees. This would help more Americans have access to retirement savings options through their employers. Overall, the Helping Young Americans Save for Retirement Act is focused on promoting financial security and independence for young Americans by encouraging them to start saving for retirement early on. It also aims to make it easier for small businesses to offer retirement savings options to their employees.

Congressional Summary of S 3305

Helping Young Americans Save for Retirement Act

This bill lowers the age for participation in tax-exempt pension plans from 21 to 18.

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Current Status of Bill S 3305

Bill S 3305 is currently in the status of Bill Introduced since November 15, 2023. Bill S 3305 was introduced during Congress 118 and was introduced to the Senate on November 15, 2023. Bill S 3305's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of November 15, 2023

Bipartisan Support of Bill S 3305

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3305

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 3305

Helping Young Americans Save for Retirement Act

A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 with respect to minimum participation standards for pension plans and qualified trusts.