US SB1019 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on April 3 2019 - 25% progression, died in committee
Action: 2019-04-03 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 3 2019 - 25% progression, died in committee
Action: 2019-04-03 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allows employers to enroll employees in short-term savings accounts that are funded using automatic contributions deducted from participating employees' wages. For each pay period, the employer must transfer to the account an amount equal to the percentage of the employee's compensation or a fixed amount, as determined by the employer. Employees may elect to adjust, stop, or pause their contributions. The balance in an account may not exceed $10,000 (adjusted annually for inflation) and must be made readily available to the employee at any time.
Title
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019
Sponsors
Sen. Doug Jones [D-AL] | Sen. Tom Cotton [R-AR] | Sen. Cory Booker [D-NJ] | Sen. Todd Young [R-IN] |
History
Date | Chamber | Action |
---|---|---|
2019-04-03 | Senate | Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
Subjects
Administrative law and regulatory procedures
Bank accounts, deposits, capital
Congressional oversight
Department of the Treasury
Employee benefits and pensions
Federal preemption
Government studies and investigations
Labor and employment
State and local government operations
Bank accounts, deposits, capital
Congressional oversight
Department of the Treasury
Employee benefits and pensions
Federal preemption
Government studies and investigations
Labor and employment
State and local government operations
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1019/all-info |
Text | https://www.congress.gov/116/bills/s1019/BILLS-116s1019is.pdf |