H.R. 2120: Saving for the Future Act

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H.R. 2120: Saving for the Future Act

116th Congress · introduced 2019-04-08 · Labor and Employment · Latest: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.

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Official title

Saving for the Future Act

Plain summary

Saving for the Future Act This bill requires employers to make minimum contributions to savings plans for full-time employees and increases certain individual and corporate income tax rates. Specifically, it requires employers of 10 or more full-time employees to contribute 50 cents for each hour an employee works to a qualified pension plan. The minimum contribution increases to 60 cents per hour after two years and proportionally based on income beginning two years thereafter. The bill further establishes the Federal Universal Personal Savings Investment Board to oversee UP retirement and savings accounts. Employers may make contributions to such accounts directly as a qualified plan or through a state-run program. UP retirement accounts are portable, defined-contribution pension plans to which employees must contribute 4% of the employee's wages unless the employee opts out. Employers must make the minimum required contribution under this program as well as match employee contributions up to 10% of an employee's wages. The initial $2,500 of such employer contributions may be applied to an UP savings account and used for certain nonroutine expenses such as a large medical bill or home mortgage down payment. Employer contributions to UP accounts are generally exempt from income tax and employee contributions may be pretax or posttax. Employers also receive a tax credit for a specified portion of the minimum contribution amount for up to the employer's first 30 employees. Additionally, the bill also increases the highest individual income tax rate from 37% to 39.6% and the highest corporate income tax rate from 21% to 23%.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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Officials and money

Sponsor: Rep. Peters, Scott H. [D-CA-52] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Lucy McBath (D-GA), Lisa Blunt Rochester (D-DE)

Sponsor's campaign money: Rep. Peters, Scott H. [D-CA-52] reported raising $2.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

• Congressional Research Service summary (Introduced in House)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr2120.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr2120 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116