HR7315119th Congress
Advancing Policy Priorities Act
Sponsored By: Representative Magaziner, Seth [D-RI-2]
Introduced
Summary
Expands retirement savings and workplace benefits while layering in veteran transition supports and small-business incentives to increase participation and ease plan rules for employers and savers.
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- Workers and savers: Would require automatic enrollment with a minimum 3% first-year deferral and phased increases to at least 10%. It would also raise required minimum distribution (RMD) ages on a phased schedule, easing when retirees must withdraw savings.
- Employers and small businesses: Would replace a 50% startup credit with a 100% credit for eligible small employers and create an additional employer-contribution credit with a per-employee cap of $1,000. It also adds safe harbors for automatic-deferral errors and new rules to help part-time workers qualify sooner.
- Veterans and transitioning service members: Would create a searchable public apprenticeship website for veteran-approved programs and establish a Boots to Business program through September 30, 2028, with training, partners, and reporting requirements.
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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