HR7314119th Congress
Advancing Commonsense Policies Act
Sponsored By: Representative Magaziner, Seth [D-RI-2]
Introduced
Summary
This bill packs broad retirement and workforce changes with a focus on retirement-plan reforms. It raises automatic-enrollment standards, boosts saver incentives, and expands veteran apprenticeship access.
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- Workers and savers: More plans must auto-enroll employees with default contribution rates that rise over phased dates through 2024–2028. The Saver's Credit is increased to 50% with inflation-adjusted income limits and required-minimum-distribution rules move to a rising-age schedule.
- Employers and plan sponsors: Small employers get larger startup tax credits and a new employer contribution credit. Plans may treat employer matches on qualified student loan payments like matching for deferrals and may optionally designate employer matches as Roth contributions.
- Veterans, entrepreneurs, and retirees: Transition assistance expands to include registered and VA-approved apprenticeships and requires a searchable apprenticeship.gov listing with program details and costs. The bill creates a Boots to Business entrepreneurship program through Sept. 30, 2028 and directs a Labor-run "Retirement Savings Lost and Found" database to help people locate accounts.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Magaziner, Seth [D-RI-2]
RI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov