,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ajai  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #c1 #bjai ,mr4  
,jones 7= himself1 ,mr4 ,cotton1 ,mr4   
,book]1 & ,mr4 ,"y7 introduc$ ! foll[+  
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,heal?1 ,education1       
,labor1 & ,p5sions  ,a ,,bill  ,to all[ 
employ]s to (f] %ort-t]m sav+s acc\nts )
 automatic contribution arrangem5ts =   
f9ancial em]g5cies4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,/r5g!n+      
,f9ancial ,security ,?r\gh ,%ort-,t]m   
,sav+s ,acc\nts ,act ( #bjai4  #b4      
,purpose ,! purpose ( ?is ,act is to    
improve f9ancial security1 facilitate   
conv5i5t & af=dable access to all types 
( employ] sponsor$ %ort-t]m sav+s       
acc\nts1 r$uce leakage1 & complem5t     
ov]all retirem5t sav+s4  #c4 ,/&-alone  
%ort-t]m sav+s acc\nts  7a7 ,9 g5]al ,an
 employ] may make available to employees
 a /&-alone1 %ort-t]m sav+s acc\nt1 us+ 
an automatic contribution arrangem5t 7z 
def9$ 9 section #ead7;e77#b7 ( !        

,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#aadd7;e77#b777 9 accordance ) ?is ,act4
 ,an employ] t (f]s employees a %ort-t]m
 sav+s acc\nt %all d$uct am\nts f ea*   
p>ticipat+ employee's wages 9 accordance
 ) subsection 7e7 & transf] su* am\nts  
to a sav+s acc\nt t meets ! requirem5ts 
( subsection 7b74  7b7 ,acc\nt          
requirem5ts  7#a7 ,9 g5]al ,a %ort-t]m  
sav+s acc\nt (f]$ 9 accordance )        
subsection 7a7 %all--  7,a7 h no m9imum 
balance requirem5ts1 reasonable fees z  
det]m9$ by a jo9t rulemak+ by !         
,secret>y ( ,labor & ! ,secret>y ( !    
,treasury1 9 consultation ) o!r f9ancial
 regulators1 & a maximum acc\nt balance 
( n to exce$ #aj1jjj1 adju/$ annually = 
inflation & by ! ,secret>y ( !          
,treasury2  7,b7 h a balance t is made  
readily available1 9 :ole or 9 "p1 at   
any "t to an individual :o owns !       
acc\nt1 subject to any reasonable1      
limit$ re/rictions impos$ on )drawals   
pursuant to ! t]ms ( ! arrangem5t2 &    

7,c7 make available to ! individual :o  
owns ! acc\nt1 n lat] ?an #e bus9ess    
days aft] ! individual t]m9ates         
employm5t1 ! entire acc\nt balance4  ,an
 employ] may /ructure & adapt su*       
%ort-t]m sav+s acc\nt to assi/ employees
 ) %ort-t]m f9ancial em]g5cies1 s long z
 su* sav+s acc\nts meet ! m9imum /&>ds  
set =? 9 ?is ,act4  7#b7 ,coord9ation   
,an employ] may coord9ate ) a bank1     
cr$it union1 or payroll c>d provid] t is
 lic5s$ by ! ,f$]al ,gov]nm5t or a ,/ate
 gov]nm5t (f]+ a %ort-t]m sav+s acc\nt  
"u subsection 7a71 includ+--  7,a7 an   
,,fdic insur$ pool$ acc\nt t ! employ]  
op5s 9 ! "n ( ! employ] = :i* ! employ] 
ma9ta9s responsibility1 subject to      
reasonable fees z def9$ 9 section       
#ajbb4chj ( title #ca1 ,code ( ,f$]al   
,regulations1 & ,new ,op9ion ,no4 #h ( !
 ,g5]al ,c\nsel ( ! ,f$]al ,deposit     
,insurance ,corporation 7#gc ,f$4 ,reg4 
#fgaee 7,novemb] #ac1 #bjjh771 a        
v>iation ( a sav+s acc\nt = a %ort-t]m  
sav+s acc\nt (f]$ "u subsection 7a72 &  

7,b7 an individual acc\nt op5$ 9 ! "n ( 
! employee = :i* ! employee ma9ta9s     
responsibility4  7#c7 ,regulations ,!   
,secret>y ( ! ,treasury1 9 consultation 
) ! ,secret>y ( ,labor1 %all promulgate 
regulations c>ry+ out ?is subsection4   
,su* regulations %all address !         
responsibility ( employ]s to e/abli% &  
ma9ta9 reasonable claims proc$ures1 any 
associat$ p5alties = failure to comply )
 ?is ,act1 ! tim+ & notice ( b5efit     
det]m9ation1 h[ ! funds mu/ be inve/$ & 
m9imum int]e/ requirem5ts1 & ! mann] &  
cont5t ( b5efit det]m9ation1 rights (   
p>ticipants 9 ^! acc\nts1 among o!r ?+s 
z !y det]m9e are necess>y4  7#d7        
,applicability ,not)/&+ any o!r         
provision ( law1 an employ] may         
designate an acc\nt = direct deposit = a
 %ort-t]m sav+s acc\nt (f]$ "u          
subsection 7a74  7c7 ,acc\nt sponsor    
requirem5ts ,employ]s-- 7#a7 %all h a   
fiduci>y responsibility to ensure t--   
7,a7 any acc\nt (f]$ 9 accordance )     
subsection 7a7 meets ! requirem5ts (    

subsection 7b72  7,b7 relevant in=mation
 ab\t p>ticipat+ employees is submitt$  
safely & securely to ! insur$ depository
 in/itution or insur$ cr$it union2  7,c7
 am\nts are prop]ly d$uct$ f employees' 
wages & transf]r$ to ! f9ancial         
in/itution on behalf ( ! employees 9    
accordance ) subsection 7f72  7,d7      
employees h cle> in/ructions & an easy  
means to make *anges to contributions or
 /op !m entirely at any "t2 &  7,e7     
employees h cle> guidance on h[ !y may  
access _! money & h[ quickly !y w       
receive _! money ^u reque/2 &  7#b7 h no
 o!r fiduci>y responsibility beyond !   
responsibilities describ$ 9 p>agraph    
7#a74  7d7 ,applicability ( bank+ laws  
7#a7 ,9 g5]al ,except z provid$ 9       
p>agraph 7#b71 ,f$]al bank+ laws        
7includ+ regulations7 %all apply to     
%ort-t]m sav+s acc\nts z if ! %ort-t]m  
sav+s acc\nts 7 sav+s acc\nts4  7#b7 ,"k
 y\r cu/om] laws ,not)/&+ any o!r       
provision ( law1 a bank1 cr$it union1 or
 payroll c>d provid] (f]+ a %ort-t]m    

sav+s acc\nt "u subsection 7a7 %all be  
treat$ z if x 7 an ,,erisa plan1 =      
purposes ( rules relat+ to ,anti-,money 
,laund]+1 ,cu/om] ,id5tification        
,program 7,,cip71 ,suspici\s ,activity  
,report 7,,s>7 requirem5ts1 or any o!r  
rules requir$ to e/abli% ! id5tity ( !  
acc\nt hold] be=e an acc\nt = a %ort-t]m
 sav+s acc\nt is op5$ 9 accordance ) ?is
 ,act4 ,! ,secret>y may prescribe       
regulations :i* w\ld e/abli% m9imum     
/&>ds t su* an arrangem5t w\ld be       
requir$ to satisfy 9 ord] = ?is         
subsection to apply ) respect to su* an 
acc\nt4  7e7 ,preemption ( ,/ate        
anti-,g>ni%m5t laws ,not)/&+ any o!r    
provision ( law1 ?is section %all       
sup]s$e any law ( a ,/ate :i* w\ld      
directly or indirectly prohibit or      
re/rict ! use an automatic contribution 
arrangem5t = a %ort-t]m sav+s acc\nt1 z 
if x 7 an ,,erisa plan4 ,! ,secret>y may
 prescribe regulations :i* w\ld e/abli% 
m9imum /&>ds t su* an arrangem5t w\ld be
 requir$ to satisfy 9 ord] = ?is        

subsection to apply ) respect to su* an 
acc\nt4  7f7 ,transf]s to acc\nts ,!    
acc\nt sponsor %all transf] ea* pay     
p]iod--  7#a7 to ! %ort-t]m sav+s acc\nt
 an am\nt equal to ! p]c5tage ( !       
employee's comp5sation1 or a fix$ am\nt1
 z ! acc\nt sponsor det]m9es2 &  7#b7   
employees %all h ! ability to adju/1    
/op1 or pause1 _! contributions z !y see
 fit4  7g7 ,disclosure requirem5ts ,an  
acc\nt sponsor %all disclose 9 writ+1 or
 electronically if ! employee s elects1 
to ! p>ticipat+ employee )9 #e bus9ess  
days be=e ! comm5cem5t ( ! contributions
 to ! acc\nt-- 7#a7 a %ort-t]m sav+s    
acc\nt description1 includ+ ! cont\rs1  
all t]ms & conditions1 & fees associat$ 
) ! %ort-t]m sav+s acc\nt2  7#b7        
describe ! tax treatm5t ( ! %ort-t]m    
sav+s acc\nt & ! tax treatm5t ( any tax 
favor$ acc\nt t is (f]$2  7#c7 any rules
 ) respect to deposits or contributions 
into ! acc\nt1 ma9t5ance ( ! acc\nt1    
inve/m5ts1 balances1 escalations n to   
exce$ #d p]c5t & )drawals1 repl5i%m5t ( 

! acc\nts1 balance caps1 & o!r features 
( ! acc\nt2 &  7#d7 ! access &          
availability to acc\nt in=mation &      
relat$ acc\nt in=mation to p>ticipat+   
employees4  7h7 ,effective date ,!      
provisions ( ?is ,act %all be effective 
^u ! date ( enactm5t ( ?is ,act4  #d4   
,%ort-t]m sav+s acc\nt )9 a retirem5t   
plan  7a7 ,9 g5]al ,n lat] ?an "o ye>   
aft] ! date ( enactm5t ( ?is ,act1 !    
,secret>y ( ! ,treasury or ! ,secret>y's
 delegate %all issue regulations or o!r 
guidance t int]prets & applies ! rules (
 ! ,int]nal ,rev5ue ,code ( #aihf       
applicable to tax-qualifi$ plans &      
arrangem5ts describ$ 9 sections         
#bai7;g77#e71 #djh 7includ+ #djh7q7 &   
#djh;,a71 & #deg7;b7 ( su* ,code 9 a    
mann] t facilitates ! (f]+ & op]ation1  
includ+ automatic enrollm5t & automatic 
escalation1 ( %ort-t]m sav+s arrangem5ts
 z "p ( or 9 conjunction or coord9ation 
)1 any su* tax-qualifi$ plan or         
arrangem5t4  7b7 ,requirem5ts ,any      
%ort-t]m sav+s acc\nt t is "p ( a       

tax-qualifi$ plans & arrangem5ts        
describ$ 9 sections #bai7;g77#e71 #djh  
7includ+ #djh7q7 & #djh;,a71 & #deg7;b7 
( ! ,int]nal ,rev5ue ,code ( #aihf %all 
comply ) applicable plan requirem5ts1   
includ+ provisions = ! ret5tion ( assets
 9 a qualifi$ tru/1 timely paym5t (     
assets1 & di/ribution ( assets ^u plan  
or p>ticipant t]m9ation4 ,any sav+s     
acc\nt t is n "p ( a tax-qualifi$ plan1 
bank or cr$it union1 %all be subject to 
appropriate regulations by ! ,dep>tm5t (
 ,treasury4  #e4 ,pilot program ,!      
,secret>y ( ! ,treasury may e/abli% a   
pilot program t inc5tivizes employ]s to 
set up %ort-t]m sav+s acc\nts "u ?is    
,act4 ,any employ] t p>ticipates 9 !    
pilot program %all be eligible to       
receive n m ?an #djj p] employee acc\nt4
  #f4 ,/udy ( effectiv5ess ( %ort-t]m   
sav+s acc\nt options ,n lat] ?an #a ye> 
aft] ! date ( enactm5t ( ?is ,act1 !    
,comptroll] ,g5]al %all /udy1 & report  
to ! ,committee on ,f9ance1 ! ,committee
 on ,bank+1 ,h\s+1 & ,urban ,affairs1 & 

! ,committee on ,heal?1 ,education1     
,labor1 & ,p5sions ( ! ,s5ate & !       
,committee on ,ways & ,means ( ! ,h\se (
 ,repres5tatives1 ! effectiv5ess ( v>i\s
 me?ods = develop+ ! sav+s acc\nts      
describ$ 9 ?is ,act1 includ+ aft]-tax   
employee contributions to a plan        
describ$ 9 section #dja7k7 ( ! ,int]nal 
,rev5ue ,code ( #aihf1 deem$ treatm5t ( 
su* plans z a ,ro? plan = purposes ( su*
 ,code1 & ! use ( depository acc\nts1   
includ+ payroll c>ds4