Pensions for All Act

Key Points

• This bill would require every employer in the country to provide their workers with a retirement plan. The benefits must be at least as good as the ones federal government employees receive, which include both a guaranteed monthly pension and a savings account similar to a 401(k).
• If a business does not want to run its own retirement plan, they can choose to enroll their employees directly into the Federal Employees Retirement System. Self-employed individuals would also be required to either have a high-quality private plan or join the federal system.
• Both employers and employees would contribute money to fund these retirements. To help smaller operations, the government would pay for half of the required costs for businesses making less than $25 million a year and for self-employed people making less than $75,000.
• The bill includes a 'no-pay-cut' rule, meaning bosses cannot lower a worker's current salary or hourly wages to cover the cost of these new retirement benefits. Companies that fail to provide a plan could be fined $10 per day for every employee who is not covered.
• This plan aims to solve the retirement crisis by making sure every worker has a steady income after they stop working. By using the existing federal system, it provides a safety net for millions of private-sector workers who currently have little to no retirement savings.