Helping Young Americans Save for Retirement Act
The Helping Young Americans Save for Retirement Act (HR 9281) allows workers aged 18 and older to join employer retirement plans earlier by lowering the eligibility age from 21 to 18. To qualify, employees must complete at least 500 hours of service in each of two consecutive 12-month periods, rather than waiting until age 21. The bill amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to implement this change, effective for retirement plan years starting after December 31, 2025. This policy directly affects young workers in eligible employer-sponsored retirement plans who meet the service requirements.
Bill status
in committee
1 of 4 stages cleared
Introduction
Aug 2024
Committee Review
Floor Vote
President
Introduced Aug 2, 2024
Last action Aug 2, 2024
Floor votes
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No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Aug 2, 2024
Committee
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the 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.
lower
Aug 2, 2024
Introduced
Introduced in House
lower
1 primary · 1 co-sponsor
Sponsors
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