II 

118TH CONGRESS 

1ST SESSION S. 3305 

To amend the Employee Retirement Income Security Act of 1974 and the 

Internal Revenue Code of 1986 with respect to minimum participation 

standards for pension plans and qualified trusts. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 15, 2023 

Mr. CASSIDY (for himself and Mr. KAINE) introduced the following bill; which 

was read twice and referred to the Committee on Health, Education, 

Labor, and Pensions 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974 and the Internal Revenue Code of 1986 with 

respect to minimum participation standards for pension 

plans and qualified trusts. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Helping Young Ameri5 cans Save for Retirement Act’’. 

6 SEC. 2. ELIGIBILITY AT AGE 18 UNDER CERTAIN CONDI7 TIONS. 

8 (a) ERISA.— 


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•S 3305 IS

1 (1) AGE 18.—Subparagraphs (A) and (B) of 

2 section 202(c)(1) of the Employee Retirement In3 come Security Act of 1974 (29 U.S.C. 1052(c)(1)) 

4 are amended to read as follows: 

5 ‘‘(A) the period determined under sub6 section (a)(1) determined— 

7 ‘‘(i) without regard to subparagraph 

8 (B)(i) thereof; and 

9 ‘‘(ii) by substituting ‘18’ for ‘21’ in 

10 subparagraph (A)(i) thereof; or 

11 ‘‘(B) the first 24-month period— 

12 ‘‘(i) consisting of 2 consecutive 12- 

13 month periods during each of which the 

14 employee has at least 500 hours of service; 

15 and 

16 ‘‘(ii) by the close of which the em17 ployee has met the requirement of sub18 section (a)(1)(A)(i) (without regard to sub19 paragraph (A)(ii) of this paragraph).’’. 

20 (2) CONFORMING AMENDMENTS.—Section 

21 202(c) of such Act (29 U.S.C. 1052(c)) is amend22 ed— 

23 (A) in the subsection heading— 

24 (i) by striking ‘‘SPECIAL RULE’’ and 

25 inserting ‘‘SPECIAL RULES’’; and 


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•S 3305 IS

1 (ii) by adding ‘‘AND CERTAIN YOUNG2 ER EMPLOYEES’’ after ‘‘EMPLOYEES’’; and 

3 (B) in paragraph (3)— 

4 (i) by striking ‘‘Paragraph (1)(B)’’ 

5 and inserting ‘‘Paragraph (1)’’, and 

6 (ii) by striking ‘‘section 

7 401(k)(2)(D)(ii)’’ and inserting ‘‘section 

8 401(k)(2)(D)’’. 

9 (3) OPINION OF INDEPENDENT QUALIFIED

10 PUBLIC ACCOUNTANT.—Section 104(a)(2) of such 

11 Act (29 U.S.C. 1024(a)(2)) is amended by adding at 

12 the end the following: 

13 ‘‘(C) For purposes of this paragraph and the last sen14 tence of section 103(a)(3)(A), with respect to a pension 

15 plan in which at least one employee participates solely by 

16 reason of section 202(c)(1)(A), no employee participating 

17 in such plan solely by reason of section 202(c)(1)(A) shall 

18 be treated as a participant until the date that is 5 years 

19 after the date on which the first such employee first be20 comes a participant in such plan.’’. 

21 (b) INTERNAL REVENUE CODE OF 1986.— 

22 (1) AGE 18.—Clauses (i) and (ii) of section 

23 401(k)(2)(D) of the Internal Revenue Code of 1986 

24 are amended to read as follows: 


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•S 3305 IS

1 ‘‘(i) the period permitted under sec2 tion 410(a)(1), determined— 

3 ‘‘(I) without regard to subpara4 graph (B)(i) thereof, and 

5 ‘‘(II) by substituting ‘18’ for ‘21’ 

6 in subparagraph (A)(i) thereof, or 

7 ‘‘(ii) subject to the provisions of para8 graph (15), the first of 2 consecutive 12- 

9 month periods during each of which the 

10 employee has at least 500 hours of service, 

11 provided that the employee has satisfied 

12 the requirements of section 410(a)(1)(A)(i) 

13 (without regard to clause (i)(II) of this 

14 subparagraph).’’. 

15 (2) CONFORMING AMENDMENTS.—The Internal 

16 Revenue Code of 1986 is amended— 

17 (A) in section 401(k)(15)— 

18 (i) in the paragraph heading, by add19 ing ‘‘AND CERTAIN YOUNGER WORKERS’’ 

20 after ‘‘WORKERS’’; and 

21 (ii) in subparagraph (B)— 

22 (I) in clauses (i) and (ii), by 

23 striking ‘‘(2)(D)(ii)’’ each place it ap24 pears and inserting ‘‘(2)(D)’’; 


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•S 3305 IS

1 (II) in clause (i), by striking 

2 ‘‘202(c)(1)(B)’’ and inserting 

3 ‘‘202(c)(1)’’; and 

4 (III) in clause (iv), striking 

5 ‘‘paragraph (2)(D)(ii)’’ and inserting 

6 ‘‘clauses (i)(II) and (ii) of paragraph 

7 (2)(D)’’; and 

8 (B) in section 403(b)(12)— 

9 (i) in subparagraph (A), by striking 

10 ‘‘section 202(c)’’ and inserting ‘‘section 

11 202(c)(1)(B)’’; and 

12 (ii) in subparagraph (D)— 

13 (I) in the subparagraph heading, 

14 by inserting ‘‘AND CERTAIN YOUNGER

15 EMPLOYEES’’ after ‘‘EMPLOYEES’’; 

16 and 

17 (II) in clause (i), by striking 

18 ‘‘202(c)(1)(B)’’ and adding 

19 ‘‘202(c)(1)’’. 

20 (c) EFFECTIVE DATE.—The amendments made by 

21 this section shall apply to plan years beginning after De22 cember 31, 2025. 

Æ 


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