Helping Young Americans Save for Retirement Act

S 3305, the "Helping Young Americans Save for Retirement Act," lowers the age requirement for new employees to join employer retirement plans from 21 to 18 years old. It directly affects young workers aged 18-21 who previously had to wait until age 21 to qualify for retirement savings plans like 401(k)s. The bill modifies rules so employees meeting a 500-hour service requirement over two consecutive 12-month periods can enroll at 18, instead of waiting until age 21. It also adds a 5-year delay for participants who join solely due to this new rule, ensuring they are not counted as participants until five years after their first enrollment. The changes apply to plans operating after December 31, 2025.