Bill to Create U.S.-Run Retirement Accounts Is Back

Lawmakers reintroduced late Thursday the Retirement Savings for Americans Act, which would create Roth IRA-style retirement accounts for workers without access to employer-sponsored retirement plans.

The bill was introduced by Sens. John Hickenlooper, D-Colo., and Thom Tillis, R-N.C., and Reps. Lloyd Smucker, R-Pa., and Terri Sewell, D-Ala.

It would establish a new program to give eligible workers access to portable, tax-advantaged retirement savings accounts.

The bill was first floated last December.

If passed, the “RSAA would allow the federal government to match contributions for low- and middle-income workers, with the match beginning to phase out at median income,” according to the lawmakers.

“Roughly 40 million Americans lack access to an employer-sponsored retirement plan, which represents a significant roadblock to achieving financial security for their retirement,” Tillis said in a statement. “The Retirement Savings for Americans Act tackles this real problem by establishing a pathway for savings for Americans lacking retirement options.”