Saving for the Future Act

The Saving for the Future Act would require employers with at least 10 full-time equivalent employees for two years to contribute to retirement plans for employees without existing retirement benefits, starting at $0.50 per hour for full-time employees in the first two years and increasing to $0.60 per hour in the following two years. It establishes "UP Retirement Accounts" as portable, defined contribution plans overseen by a new Federal Universal Personal Savings Investment Board, with automatic employee enrollment at 4% of wages and automatic escalation to 10%. The bill also creates tax credits for employers making required contributions and for individuals making retirement contributions. Additionally, it includes separate provisions to increase the highest individual income tax rate to 39.6% and the corporate income tax rate to 23%.