S. 2335: Pensions for All Act

The "Pensions for All Act" seeks to improve retirement security for employees by requiring all employers to offer a retirement program similar to the Federal Employees Retirement System (FERS). This applies to both private and public sector employers. If employers do not provide a compliant retirement program, they will face tax penalties. The bill also prohibits deductions for contributions to retirement plans if employers claim tax credits. Additionally, it ensures that employers cannot lower employee pay in relation to their participation in the retirement program.

Key Provisions

• Retirement Program Requirement: Employers must either provide a retirement program comparable to FERS or allow employees to participate in FERS directly.
• Noncompliance Penalties: Employers who fail to comply with the retirement program requirements will incur a tax penalty.
• Contribution Deductions: Employers cannot deduct contributions to retirement programs if they are claiming tax credits associated with the implementation of the program.
• Employee Compensation Protection: Employers are prohibited from reducing an employee's pay due to their enrollment in the retirement program.

Overall Goal

The overarching aim of the bill is to enhance the retirement benefits available to employees, ensuring a more secure financial future upon retirement and promoting wider participation in retirement savings programs.

Relevant Companies

• None found