# 119-hr-5887: Saving for the Future Act

119-hr-5887, Saving for the Future Act, is a 119th Congress bill sponsored by Rep. Peters, Scott H. [D-CA-50] (D-CA); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-hr-5887
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-5887
- Congress: 119
- Title: Saving for the Future Act
- Status: introduced
- Introduced: 2025-10-31
- Sponsor: Rep. Peters, Scott H. [D-CA-50] (D-CA)
- Cosponsors: 1
- Policy area: Labor and Employment
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**This bill would create a federal **universal personal savings program** that sets up portable UP Retirement Accounts and UP Savings Accounts managed by a new Federal UP Account Board.** It would require many employers to make escalating minimum contributions, add new business and saver tax credits, and raise top individual and corporate tax rates.

## Cosponsors (1)

- Rep. Torres, Norma J. [D-CA-35] (D-CA), 2025-10-31T00:00:00.000Z

## Provisions PRIA read

- 50% credit for your retirement savings: benefit, high. You would be able to claim a nonrefundable tax credit equal to 50% of cash you put into an IRA or a UP Account, up to the yearly cap set by the program. You would qualify only if your employer does not offer a pension or 401(k)-type plan or a UP Account, or you were not employed when you contribute…
- New credits for small employers’ contributions: benefit, high. Small employers could get a new credit for required retirement contributions: 50% for the first 15 workers and 25% for workers 16–30, subject to per‑employee caps. You could not claim it if you missed required contributions this year or in any of the past 4 years; tax‑exempt employers would be limi…
- New short-term savings for workers: benefit, low. This bill would add a small, safe UP Savings Account alongside retirement saving. You could save up to $2,500 in the first fiscal year after enactment, with the cap rising in $100 steps to track wage growth. By default, your contributions would fill this account first, then spill into your retireme…
- Higher top income tax rate: cost, high. If enacted, the top individual tax rate would rise from 37% to 39.6% for tax years starting after December 31, 2024. If you have income taxed at the top rate, expect about 2.6% more tax on that slice of income each year.
- Higher corporate tax rate: cost, high. If enacted, the corporate income tax rate would increase from 21% to 23% for tax years starting after December 31, 2024. This would raise corporate tax bills and could affect prices and investment over time.
- Automatic retirement saving with employer pay: mixed, high. This bill would set up portable worker retirement accounts and require many employers to pay in. Covered employers (generally 10+ full-time equivalents and 2+ years in business) would owe at least $0.50 per hour in years 1–2 and $0.60 in years 3–4, with updates every 3 years based on wage growth. W…
- How new UP accounts are run: mixed, high. This bill would create a federal board to run the UP Account Fund and hire private firms to manage investments. No one firm could handle more than $500 billion of UP assets. The Fund would act like a tax‑exempt 401(a) trust; contributions and withdrawals would follow those tax rules, and certain 40…

## Related bills

- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-7481: Department of Homeland Security Appropriations Act, 2026
- 119-hr-7973: Momnibus Act
- 119-hr-7853: PrEP Access and Coverage Act of 2026
- 119-hr-4245: GLOBE Act of 2025
- 119-hr-5449: Redistricting Reform Act of 2025

## Sources
- [119-hr-5887 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/5887)

## Related
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-7481: Department of Homeland Security Appropriations Act, 2026](https://policyrisk.com/legislation/119-hr-7481)
- [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973)
- [119-hr-7853: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-hr-7853)
- [119-hr-4245: GLOBE Act of 2025](https://policyrisk.com/legislation/119-hr-4245)
- [119-hr-5449: Redistricting Reform Act of 2025](https://policyrisk.com/legislation/119-hr-5449)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-5887 (as of 2026-04-21).