# 119-hr-2696: Retirement Savings for Americans Act of 2025 119-hr-2696, Retirement Savings for Americans Act of 2025, is a 119th Congress bill sponsored by Rep. Smucker, Lloyd [R-PA-11] (R-PA); status introduced; PRIA reads it as touching household money (as of 2026-09-21). - Canonical: https://policyrisk.com/legislation/119-hr-2696 - As of: 2026-09-21 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: 119-hr-2696 - Congress: 119 - Title: Retirement Savings for Americans Act of 2025 - Status: introduced - Introduced: 2025-04-07 - Sponsor: Rep. Smucker, Lloyd [R-PA-11] (R-PA) - Cosponsors: 9 - Policy area: Labor and Employment - Touches household money: yes - Last recorded action: 2026-09-21 ## Summary **Creates a new federal retirement savings program** that would automatically enroll private-sector workers into individual accounts, pair contributions with a Government match, and place assets in a fiduciary-managed trust. - Workers and families: Auto-enrollment defaults to 3% of pay with an opt-out. Participants can contribute up to their pay each period, use catch-up contributions, access loans and withdrawals under set rules, and earn a Government Match Credit that fully matches up to 3% of income and partially matches contributions from 3% to 5%. - Employers: Employers would have to enroll workers and deposit contributions or face tiered penalties and lost-earnings payments, rising to a maximum 10% penalty for the longest delays. - Governance and protections: A five-member American Worker Retirement Investment Board would set investment policy, offer indexed and life-cycle funds, and cap any single asset manager at the greater of $500 billion or 10% of Fund assets. Accounts would sit in a nonforfeitable trust owned by participants and include spousal protections modeled on the Thrift Savings Plan. ## Cosponsors (9) - Rep. Sewell, Terri A. [D-AL-7] (D-AL), 2025-04-07T00:00:00.000Z - Rep. Malliotakis, Nicole [R-NY-11] (R-NY), 2025-04-07T00:00:00.000Z - Rep. Tenney, Claudia [R-NY-24] (R-NY), 2025-04-07T00:00:00.000Z - Rep. Fitzpatrick, Brian K. [R-PA-1] (R-PA), 2025-04-07T00:00:00.000Z - Rep. Miller, Carol D. [R-WV-1] (R-WV), 2025-04-07T00:00:00.000Z - Rep. Smith, Adrian [R-NE-3] (R-NE), 2025-04-07T00:00:00.000Z - Rep. Swalwell, Eric [D-CA-14] (D-CA), 2026-03-04T00:00:00.000Z - Rep. Carey, Mike [R-OH-15] (R-OH), 2026-03-18T00:00:00.000Z - Rep. Edwards, Chuck [R-NC-11] (R-NC), 2026-05-19T00:00:00.000Z ## Provisions PRIA read - New government match for retirement: benefit, high. For tax years after December 31, 2024, you could get a new retirement tax credit. It would equal 1% of your gross income plus a match on what you put in. The match is 100% on contributions up to 3% of income, and 50% from 3% to 5%. A cap equal to 5% of a phaseout amount based on national median per… - Fiduciary rules to protect savers: benefit, medium. People who run the Fund would have to act only in participants’ interests. They would need to invest prudently, diversify, and use money only for benefits and reasonable costs. Deals with interested parties would be barred unless fairly priced, and fiduciaries would need bonds. The Labor Department… - National retirement fund and investments: benefit, medium. This would set up a national Fund at Treasury to hold and invest workers’ contributions and government credits. Money would stay available without yearly limits to invest, pay costs, make distributions, make loans, and buy insurance. Investment options would include government bonds, index funds, a… - Loans and withdrawals from your account: mixed, medium. You could borrow against the part of your balance that came from your own contributions. The Fund would give a written cost disclosure before any loan, and loans must meet tax rules and spousal protections. You could withdraw after age 59½ or for hardship, subject to rules; hardship withdrawals are… - Automatic 3% enrollment and employer penalties: mixed, medium. Employers would need to enroll qualifying workers in the new Fund within one year. Workers would be auto‑enrolled at a 3% contribution rate but could opt out. Employers could choose to enroll qualifying independent contractors without changing their legal status. If an employer misses enrollments o… - Roth-style retirement accounts for workers: mixed, medium. Each participant would have an individual account in the Fund. Your balance would include your contributions, government match credits, and your share of earnings or losses, minus costs and withdrawals. Your contributions would be taxed when made and not deductible, like a Roth. You could contribut… - Independent board to run the Fund: mixed, low. A five‑member board, appointed by the President with Senate approval, would oversee the Fund and meet monthly. A seven‑member advisory council would give advice. The Board would appoint an Executive Director to run daily operations and could issue subpoenas for records, with court enforcement and l… ## Related bills - 119-hr-1262: Mikaela Naylon Give Kids a Chance Act - 119-hr-2725: Affordable Housing Credit Improvement Act of 2025 - 119-hr-979: AM Radio for Every Vehicle Act of 2025 - 119-hr-909: Crime Victims Fund Stabilization Act of 2025 - 119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act - 119-hr-1990: American Innovation and R&D Competitiveness Act of 2025 ## Sources - [119-hr-2696 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/2696) ## Related - [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262) - [119-hr-2725: Affordable Housing Credit Improvement Act of 2025](https://policyrisk.com/legislation/119-hr-2725) - [119-hr-979: AM Radio for Every Vehicle Act of 2025](https://policyrisk.com/legislation/119-hr-979) - [119-hr-909: Crime Victims Fund Stabilization Act of 2025](https://policyrisk.com/legislation/119-hr-909) - [119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act](https://policyrisk.com/legislation/119-hr-4382) - [119-hr-1990: American Innovation and R&D Competitiveness Act of 2025](https://policyrisk.com/legislation/119-hr-1990) - [All bills in Congress](https://policyrisk.com/legislation) Source: PRIA, https://policyrisk.com/legislation/119-hr-2696 (as of 2026-09-21).