Retirement Savings for Americans Act of 2022
A BILL
To establish the American Worker Retirement Plan, improve the financial security of working Americans by facilitating the accumulation of wealth, and for other purposes.
Sec. 2 Definitions
As used in this Act, except as otherwise provided:
Account— The term “account” means an account established and maintained under section 107.
Board— The term “Board” means the American Worker Retirement Investment Board established under section 201.
Business— The term “business” means any entity, including any sole proprietor, partnership, limited liability company, or corporation, that engages in interstate commerce.
Earnings— The term “earnings”, when used with respect to the Fund, means the amount of the gain realized or yield received from the investment of sums in such Fund.
Executive Director— The term “Executive Director” means the Executive Director appointed under section 203.
Existing retirement plan— The term “existing retirement plan” means—
an eligible retirement plan, as defined in section 402(c)(8)(B) of the Internal Revenue Code of 1986, including any defined benefit plan;
the Thrift Savings Plan established under subchapter III of chapter 84 of title 5, United States Code; and
any other tax deferred employee retirement plan determined by the Secretary of the Treasury to be consistent with the purposes of this Act.
Former participant— The term “former participant” means a participant who has an account with the Fund and is no longer a qualifying worker.
Fund— The term “Fund” means the American Worker Retirement Fund established under section 101(a).
Investment Advisory Council— The term “Investment Advisory Council” means the council established under section 202.
Loss— The term “loss”, as used with respect to the Fund, includes the amount of any loss resulting from the investment of sums in such Fund, or from the breach of any responsibility, duty, or obligation under section 206.
Net earnings— The term “net earnings” means the excess of earnings over losses.
Net losses— The term “net losses” means the excess of losses over earnings.
Participant— The term “participant” means any qualifying worker who is enrolled to participate in the Fund under section 104(a) and has not opted out of participation under section 104(b)(3).
Participating employer— The term “participating employer” means any business that—
employs a qualifying worker; or
contracts with an independent contractor who is a qualifying worker and opts to enroll such independent contractor to participate in the Fund under section 104(a)(2).
Qualifying worker— The term “qualifying worker” means—
an employee who—
is employed by a business that has not established an existing retirement plan and does not provide an individual retirement plan (as defined in section 7701(a)(37) of the Internal Revenue Code of 1986) with an automatic enrollment payroll deduction arrangement; or
is not eligible to participate in any such plan or arrangement established by the business that employs the employee; or
an independent contractor who—
is self-employed; and
has not established an existing retirement plan, and does not have an individual retirement plan (as defined in section 7701(a)(37) of the Internal Revenue Code of 1986) with an automatic enrollment payroll deduction arrangement.
Sec. 3 Relationship to Social Security
Except as otherwise provided in this Act, the funds payable under the Fund to participants and former participants are in addition to the benefits payable under the Social Security Act (42 U.S.C. 301 et seq.).
Sec. 4 Government benefits
The funds owned by an individual in an account and any contribution made to such funds by a participant or the Secretary of the Treasury shall not be taken into consideration when determining the individual’s eligibility for any Federal public assistance benefit.