Bill · H.R. 5887· House(119-HR-5887)
Saving for the Future Act
- Introduced
- 10/31/2025
- Last activity
- 10/31/2025 — Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sponsored by
- Scott Peters
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The Saving for the Future Act creates a universal personal savings program to help workers save for retirement. It requires employers with at least 10 full-time equivalent employees to contribute a minimum hourly amount to their employees' retirement plans. The bill establishes a Federal Universal Personal Savings Investment Board to oversee portable UP Retirement Accounts and short-term UP Savings Accounts. To fund these initiatives and provide incentives, the bill introduces new tax credits for employers and individuals while increasing the top individual and corporate income tax rates.
Yes· 3 of 21
Would households on low incomes be better off under this?+8
Provides guaranteed employer contributions and tax credits for those without plans.
Does this raise the taxes companies pay?+7
Increases the corporate income tax rate from 21 percent to 23 percent.
Does this raise taxes on the highest earners?+7
Increases the highest individual income tax rate from 37% to 39.6%.
The opposite· 3 of 5
Would the very wealthiest people be better off under this?-7
Higher tax rates for the wealthiest individuals.
Would billionaires be better off under this?-7
Higher tax rates for the wealthiest individuals.
Would high-income households be better off under this?-6
Increases the top individual income tax rate to 39.6%.
Who it would affect, and how
Potential Positive Impacts for People
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Guaranteed Employer Contributions: For workers not in a defined benefit pension plan, applicable employers must contribute a minimum amount per hour worked, starting at $0.50 and increasing over time. (Sec. 802(a))
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Portable Retirement Accounts: The bill establishes UP Retirement Accounts that are portable, meaning they stay with the worker regardless of their employment status. (Sec. 805(a), 805(d)(2))
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Automatic Savings Growth: Employees are auto-enrolled at a 4 percent contribution rate, which automatically increases by half a percentage point each year until it reaches 10 percent. (Sec. 805(f)(1))
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Access to Short-Term Savings: Participants can use UP Savings Accounts for safe, short-to medium-term savings with the ability to withdraw funds for specific financial hardships like medical bills or home down payments without penalty. (Sec. 806(a), 806(d))
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Tax Credits for Individuals: People who are unemployed or whose employers do not provide retirement plans can receive a tax credit equal to 50 percent of their qualified retirement contributions up to a base amount. (Sec. 25BB(a), 25BB(b))
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Support for Small Businesses: The bill increases the tax credit for small employer pension plan startup costs from $500 to $2,000. (Sec. 4(a))
Potential Negative Impacts for People
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Higher Taxes for High Earners: The highest individual income tax rate is increased from 37% to 39.6%. (Sec. 7(a))
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Increased Corporate Tax Burden: The corporate income tax rate is raised from 21 percent to 23 percent, which could impact businesses. (Sec. 8(a))
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Employer Costs: Businesses with at least 10 full-time equivalent employees are now required to pay for employee retirement contributions, which is a new financial burden. (Sec. 802(a))
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Automatic Payroll Deductions: Employees will be auto-enrolled in retirement contributions of 4 percent of their wages, which reduces their immediate take-home pay unless they choose to opt out. (Sec. 805(f)(1)(A))
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+8Good For Middle Class Households+6Good For Young Adults+6Good For African Americans+5Good For Hispanic Americans+5Good For Middle Aged+5Good For Native Americans+5Good For Women+5Good For Asian Americans+4Good For L G B T Q Community+4Good For Men+4Good For Retirees+4Good For Seniors+4Good For White Americans+4Good For Billionaires-7Good For Ultra High Net Worth Individuals-7Good For High Income Households-6Good For High Net Worth Individuals-6Good For Business Owners-4
- Economy And Finance
- Increases Corporate Taxes+7Increases Wealthy Taxes+7Reduces Small Business Taxes+4Improves Small Business Support+3Reduces National Debt+2
- Governance And Ideology
- Increases Federal Power+5
- Social Issues And Justice
- Improves Poverty Reduction+5
- 10/31/2025
- Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 1 Cosponsor added.
- Introduced in House
Norma TorresDemocrat · California