I 

117TH CONGRESS 

1ST SESSION H. R. 2913 

To amend the Internal Revenue Code of 1986 to provide matching payments 

for retirement savings contributions by certain individuals. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 30, 2021 

Ms. CHU (for herself, Mr. PANETTA, and Ms. SEWELL) introduced the 

following bill; which was referred to the Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

matching payments for retirement savings contributions 

by certain individuals. 

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 ‘‘Encouraging Ameri5 cans to Save Act’’. 


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1 SEC. 2. MATCHING PAYMENTS FOR ELECTIVE DEFERRAL 

2 AND IRA CONTRIBUTIONS BY CERTAIN INDI3 VIDUALS. 

4 (a) IN GENERAL.—Subchapter B of chapter 65 of the 

5 Internal Revenue Code of 1986 is amended by adding at 

6 the end the following new section: 

7 ‘‘SEC. 6433. SAVER’S MATCH. 

8 ‘‘(a) IN GENERAL.— 

9 ‘‘(1) ALLOWANCE OF CREDIT.—Any eligible in10 dividual who makes qualified retirement savings con11 tributions for the taxable year shall be allowed a 

12 credit for such taxable year in an amount equal to 

13 the applicable percentage of so much of the qualified 

14 retirement savings contributions made by such eligi15 ble individual for the taxable year as does not exceed 

16 $3,000. 

17 ‘‘(2) PAYMENT OF CREDIT.—The credit under 

18 this section shall be paid by the Secretary as a con19 tribution (as soon as practicable after the eligible in20 dividual has filed a tax return for the taxable year) 

21 to the applicable retirement savings vehicle of an eli22 gible individual. 

23 ‘‘(b) APPLICABLE PERCENTAGE.—For purposes of 

24 this section— 

25 ‘‘(1) IN GENERAL.—Except as provided in para26 graph (2), the applicable percentage is 50 percent. 


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1 ‘‘(2) PHASEOUT.—The percentage under para2 graph (1) shall be reduced (but not below zero) by 

3 the number of percentage points which bears the 

4 same ratio to 50 percentage points as— 

5 ‘‘(A) the excess of— 

6 ‘‘(i) the taxpayer’s modified adjusted 

7 gross income for such taxable year, over 

8 ‘‘(ii) the applicable dollar amount, 

9 bears to 

10 ‘‘(B) the phaseout range. 

11 If any reduction determined under this paragraph is 

12 not a whole percentage point, such reduction shall be 

13 rounded to the next lowest whole percentage point. 

14 ‘‘(3) APPLICABLE DOLLAR AMOUNT; PHASEOUT

15 RANGE.— 

16 ‘‘(A) JOINT RETURNS.—Except as pro17 vided in subparagraph (B)— 

18 ‘‘(i) the applicable dollar amount is 

19 $80,000, and 

20 ‘‘(ii) the phaseout range is $20,000. 

21 ‘‘(B) OTHER RETURNS.—In the case of— 

22 ‘‘(i) a head of a household (as defined 

23 in section 2(b)), the applicable dollar 

amount and the phaseout range shall be 3 24 ⁄4

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1 graph (A) (as adjusted under subsection 

2 (g)), and 

3 ‘‘(ii) any taxpayer who is not filing a 

4 joint return and who is not a head of a 

5 household (as so defined), the applicable 

6 dollar amount and the phaseout range 

shall be 1 7 ⁄2 of the amounts applicable 

8 under subparagraph (A) (as so adjusted). 

9 ‘‘(4) LIMITATION ON PHASEOUT.—The reduc10 tion provided under paragraph (2) shall not apply to 

11 the extent that such reduction would result in the 

12 amount of the credit allowed under subsection (a) to 

13 be less than $100. 

14 ‘‘(c) ELIGIBLE INDIVIDUAL.—For purposes of this 

15 section— 

16 ‘‘(1) IN GENERAL.—The term ‘eligible indi17 vidual’ means any individual if such individual has 

18 attained the age of 18 as of the close of the taxable 

19 year. 

20 ‘‘(2) DEPENDENTS AND FULL-TIME STUDENTS

21 NOT ELIGIBLE.—The term ‘eligible individual’ shall 

22 not include— 

23 ‘‘(A) any individual with respect to whom 

24 a deduction under section 151 is allowed to an25 other taxpayer for a taxable year beginning in 


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1 the calendar year in which such individual’s 

2 taxable year begins, and 

3 ‘‘(B) any individual who is a student (as 

4 defined in section 152(f)(2)). 

5 ‘‘(d) QUALIFIED RETIREMENT SAVINGS CONTRIBU6 TIONS.—For purposes of this section— 

7 ‘‘(1) IN GENERAL.—The term ‘qualified retire8 ment savings contributions’ means, with respect to 

9 any taxable year, the sum of— 

10 ‘‘(A) the amount of the qualified retire11 ment contributions (as defined in section 

12 219(e)) made by the eligible individual, 

13 ‘‘(B) the amount of— 

14 ‘‘(i) any elective deferrals (as defined 

15 in section 402(g)(3)) of such individual, 

16 and 

17 ‘‘(ii) any elective deferral of com18 pensation by such individual under an eli19 gible deferred compensation plan (as de20 fined in section 457(b)) of an eligible em21 ployer described in section 457(e)(1)(A), 

22 and 

23 ‘‘(C) the amount of voluntary employee 

24 contributions by such individual to any qualified 

25 retirement plan (as defined in section 4974(c)). 


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1 Such term shall not include any amount attributable 

2 to a payment under subsection (a). 

3 ‘‘(2) REDUCTION FOR CERTAIN DISTRIBU4 TIONS.— 

5 ‘‘(A) IN GENERAL.—The qualified retire6 ment savings contributions determined under 

7 paragraph (1) for a taxable year shall be re8 duced (but not below zero) by the aggregate 

9 distributions received by the individual during 

10 the testing period from any entity of a type to 

11 which contributions under paragraph (1) may 

12 be made. 

13 ‘‘(B) TESTING PERIOD.—For purposes of 

14 subparagraph (A), the testing period, with re15 spect to a taxable year, is the period which in16 cludes— 

17 ‘‘(i) such taxable year, 

18 ‘‘(ii) the 2 preceding taxable years, 

19 and 

20 ‘‘(iii) the period after such taxable 

21 year and before the due date (including ex22 tensions) for filing the return of tax for 

23 such taxable year. 


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1 ‘‘(C) EXCEPTED DISTRIBUTIONS.—There 

2 shall not be taken into account under subpara3 graph (A)— 

4 ‘‘(i) any distribution referred to in 

5 section 72(p), 401(k)(8), 401(m)(6), 

6 402(g)(2), 404(k), or 408(d)(4), 

7 ‘‘(ii) any distribution to which section 

8 408(d)(3) or 408A(d)(3) applies, and 

9 ‘‘(iii) any portion of a distribution if 

10 such portion is transferred or paid in a 

11 rollover contribution (as defined in section 

12 402(c), 403(a)(4), 403(b)(8), 408A(e), or 

13 457(e)(16)) to an account or plan to which 

14 qualified retirement contributions can be 

15 made. 

16 ‘‘(D) TREATMENT OF DISTRIBUTIONS RE17 CEIVED BY SPOUSE OF INDIVIDUAL.—For pur18 poses of determining distributions received by 

19 an individual under subparagraph (A) for any 

20 taxable year, any distribution received by the 

21 spouse of such individual shall be treated as re22 ceived by such individual if such individual and 

23 spouse file a joint return for such taxable year 

24 and for the taxable year during which the 

25 spouse receives the distribution. 


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1 ‘‘(e) APPLICABLE RETIREMENT SAVINGS VEHI2 CLE.— 

3 ‘‘(1) IN GENERAL.—The term ‘applicable retire4 ment savings vehicle’ means— 

5 ‘‘(A) an account or plan elected by the eli6 gible individual under paragraph (2), or 

7 ‘‘(B) if no such election is made or the 

8 Secretary is not able to make a contribution 

9 into the account or plan selected by the eligible 

10 individual, a MyRA established for the benefit 

11 of the eligible individual. 

12 For purposes of subparagraph (B), if no MyRA has 

13 previously been established for the benefit of the in14 dividual, the Secretary shall establish such an ac15 count for such individual for purposes of contribu16 tions under this section. 

17 ‘‘(2) OTHER RETIREMENT VEHICLES.—An eligi18 ble individual may elect to have the amount deter19 mined under subsection (a) contributed to an ac20 count or plan which— 

21 ‘‘(A) is a Roth IRA or a designated Roth 

22 account (within the meaning of section 402A) 

23 of an applicable retirement plan (as defined in 

24 section 402A(e)(1)), 


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1 ‘‘(B) is for the benefit of the eligible indi2 vidual, 

3 ‘‘(C) accepts contributions made under this 

4 section, and 

5 ‘‘(D) is designated by such individual (in 

6 such form and manner as the Secretary may 

7 provide) on the return of tax for the taxable 

8 year. 

9 ‘‘(3) MYRA.—For purposes of paragraph (1), 

10 the term ‘MyRA’ means a Roth IRA which is estab11 lished— 

12 ‘‘(A) under the MyRA program established 

13 under section 3 of the Encouraging Americans 

14 to Save Act, and 

15 ‘‘(B) by the individual for whose benefit 

16 the Roth IRA was created or by the Secretary 

17 on behalf of such individual. 

18 ‘‘(f) OTHER DEFINITIONS AND SPECIAL RULES.— 

19 ‘‘(1) MODIFIED ADJUSTED GROSS INCOME.— 

20 For purposes of this section, the term ‘modified ad21 justed gross income’ means adjusted gross income— 

22 ‘‘(A) determined without regard to sections 

23 911, 931, and 933, and 

24 ‘‘(B) determined without regard to any ex25 clusion or deduction allowed for any qualified 


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1 retirement savings contribution made during 

2 the taxable year. 

3 ‘‘(2) TREATMENT OF CONTRIBUTIONS.—In the 

4 case of any contribution under subsection (a)(2)— 

5 ‘‘(A) except as otherwise provided in this 

6 section or by the Secretary under regulations, 

7 such contribution shall be treated in the same 

8 manner as a contribution made by the indi9 vidual on whose behalf such contribution was 

10 made, 

11 ‘‘(B) such contribution shall not be treated 

12 as income to the taxpayer, and 

13 ‘‘(C) such contribution shall not be taken 

14 into account with respect to any applicable limi15 tation under sections 402(g)(1), 403(b), 

16 408(a)(1), 408(b)(2)(B), 408A(c)(2), 414(v)(2), 

17 415(c), or 457(b)(2). 

18 ‘‘(3) TREATMENT OF QUALIFIED PLANS, ETC.— 

19 A plan or arrangement to which a contribution is 

20 made under this section shall not be treated as vio21 lating any requirement under section 401, 403, 408, 

22 or 457 solely by reason of accepting such contribu23 tion. 

24 ‘‘(4) ERRONEOUS CREDITS.—If any contribu25 tion is erroneously paid under subsection (a)(2), the 


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1 amount of such erroneous payment shall be treated 

2 as an underpayment of tax. 

3 ‘‘(g) INFLATION ADJUSTMENTS.— 

4 ‘‘(1) IN GENERAL.—In the case of any taxable 

5 year beginning in a calendar year after 2022, each 

6 of the dollar amounts in subsections (a)(2) and 

7 (b)(3)(A)(i) shall be increased by an amount equal 

8 to— 

9 ‘‘(A) such dollar amount, multiplied by 

10 ‘‘(B) the cost-of-living adjustment deter11 mined under section 1(f)(3) for the calendar 

12 year in which the taxable year begins, deter13 mined by substituting ‘calendar year 2021’ for 

14 ‘calendar year 2016’ in subparagraph (A)(ii) 

15 thereof. 

16 ‘‘(2) ROUNDING.—Any increase determined 

17 under paragraph (1) shall be rounded to the nearest 

18 multiple of— 

19 ‘‘(A) $100 in the case of an adjustment of 

20 the amount in subsection (a)(2), and 

21 ‘‘(B) $1,000 in the case of an adjustment 

22 of the amount in subsection (b)(3)(A)(i).’’. 

23 (b) PAYMENT AUTHORITY.—Section 1324(b)(2) of 

24 title 31, United States Code, is amended by striking 

25 ‘‘6431’’ and inserting ‘‘6433’’. 


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1 (c) DEFICIENCIES.—Section 6211(b)(4) of the Inter2 nal Revenue Code of 1986 is amended by striking ‘‘and 

3 6428’’ and inserting ‘‘6428, and 6433’’. 

4 (d) CONFORMING AMENDMENTS.— 

5 (1) Section 25B of the Internal Revenue Code 

6 of 1986 is amended to read as follows: 

7 ‘‘SEC. 25B. SAVER’S CREDIT. 

8 ‘‘For payment of credit related to qualified retire9 ment savings contributions, see section 6433.’’. 

10 (2) The table of sections for subchapter B of 

11 chapter 65 of such Code is amended by adding after 

12 the item relating to section 6430 the following new 

13 item: 

‘‘Sec. 6433. Saver’s match.’’. 

14 (3) The table of sections for subpart A of part 

15 IV of subchapter A of chapter 1 of such Code is 

16 amended by striking the item relating to section 25B 

17 and inserting the following new item: 

‘‘Sec. 25B. Saver’s credit.’’ 

18 (e) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to taxable years beginning after 

20 December 31, 2021. 

21 SEC. 3. ESTABLISHMENT OF MYRA PROGRAM. 

22 (a) IN GENERAL.—The Secretary of the Treasury (or 

23 the Secretary’s delegate) shall, not later than December 

24 31, 2021, establish a permanent program, to be known 


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1 as the ‘‘MyRA Program’’, which meets the requirements 

2 of this section to establish and maintain a Roth IRA on 

3 behalf of individuals. 

4 (b) PROGRAM SPECIFICATIONS.— 

5 (1) IN GENERAL.— 

6 (A) ROTH IRAS.—The MyRA Program es7 tablished under this section shall— 

8 (i) permit an individual to establish a 

9 Roth IRA which satisfies the requirements 

10 of section 408A of the Internal Revenue 

11 Code of 1986 on behalf of the individual; 

12 (ii) permit an employer to establish 

13 such a Roth IRA on behalf of 1 or more 

14 employees of such employer; 

15 (iii) require the assets of each Roth 

16 IRA established under the program to be 

17 held by the designated Roth IRA custo18 dian; 

19 (iv) permit contributions to be made 

20 periodically to such Roth IRAs by direct 

21 deposit or other electronic means and by 

22 methods that provide access for the 

23 unbanked; 


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1 (v) permit distributions and rollovers 

2 from such Roth IRAs upon request of the 

3 account owner; 

4 (vi) include procedures to consolidate 

5 multiple accounts established for the same 

6 individual; and 

7 (vii) ensure that such Roth IRAs are 

8 invested solely in retirement savings bonds 

9 issued by the Department of the Treasury 

10 for the purpose of the MyRA Program. 

11 (B) REGULATIONS, ETC.—The Secretary 

12 of the Treasury shall have authority to promul13 gate such regulations, rules, and other guidance 

14 as are necessary to implement the MyRA pro15 gram, and are consistent with this section, as 

16 well as coordination rules permitting Roth IRAs 

17 to be established under the MyRA program in 

18 connection with State and local laws that enroll 

19 residents in Roth IRAs. 

20 (2) NO FEES.—No fees shall be assessed on 

21 participants in the MyRA Program. 

22 (3) LIMITATIONS.— 

23 (A) CONTRIBUTION MINIMUM.—The Sec24 retary of the Treasury may establish minimum 

25 amounts for initial and additional contributions 


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1 to a Roth IRA under the MyRA Program, not 

2 to exceed $5. 

3 (B) ROLLOVER CONTRIBUTIONS NOT PER4 MITTED.—No rollover contribution shall be ac5 cepted to a Roth IRA under the MyRA pro6 gram. 

7 (C) ACCOUNT MAXIMUM.—No contribu8 tions shall be credited to a Roth IRA under the 

9 MyRA Program after the account balance of 

10 such Roth IRA reaches $15,000. 

11 (D) LIMITATION ON PARTICIPATION.— 

12 Within a reasonable amount of time after the 

13 earlier of— 

14 (i) the date the account balance of a 

15 Roth IRA under the MyRA Program 

16 reaches $15,000; or 

17 (ii) the earlier of— 

18 (I) the date that the participant 

19 has been a participant in the MyRA 

20 Program for 30 years; or 

21 (II) the date that the participant 

reaches age 591 22 ⁄2; 

23 the designated Roth IRA custodian shall pro24 vide notice to the participant that no further 

25 contributions will be accepted and that the parVerDate Sep 11 2014 02:31 Jun 09, 2021 Jkt 019200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\H2913.IH H2913

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1 ticipant may elect to have the account balance 

2 rolled over to another Roth IRA according to 

3 the rules relating to rollovers and conversions of 

4 Roth IRAs under the Internal Revenue Code of 

5 1986. 

6 (E) ADJUSTMENT FOR INFLATION.— 

7 (i) IN GENERAL.—In the case of any 

8 calendar year after 2022, the $15,000 

9 amount in subparagraphs (C) and (D) and 

10 subsection (c)(3)(B) shall be increased by 

11 an amount equal to— 

12 (I) such dollar amount, multi13 plied by 

14 (II) the cost-of-living adjustment 

15 determined under section 1(f)(3) of 

16 the Internal Revenue Code of 1986 

17 for the calendar year, determined by 

18 substituting ‘‘calendar year 2021’’ for 

19 ‘‘calendar year 2016’’ in subpara20 graph (A)(ii) thereof. 

21 (ii) ROUNDING.—If any increase de22 termined under clause (i) is not a multiple 

23 of $50, such increase shall be rounded to 

24 the next lowest multiple of $50. 


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1 (4) DESIGNATED ROTH IRA CUSTODIAN.—For 

2 purposes of this section, the designated Roth IRA 

3 custodian is the person designated by the Secretary 

4 of the Treasury to act as custodian of the Roth 

5 IRAs established on behalf of participants in the re6 tirement savings program of such Department. 

7 (c) RETIREMENT SAVINGS BONDS.—For purposes of 

8 this section— 

9 (1) IN GENERAL.—The term ‘‘retirement sav10 ings bond’’ means an interest-bearing electronic 

11 United States savings bond issued to the designated 

12 Roth IRA custodian which is available only to par13 ticipants in the MyRA Program. 

14 (2) INTEREST RATE.—Bonds issued under the 

15 MyRA program shall earn interest at a rate equal to 

16 the greater of (determined on the issue date)— 

17 (A) the rate earned by the Government Se18 curities Investment Fund established under sec19 tion 8438(b)(1) of title 5, United States Code; 

20 or 

21 (B) a Series I United States savings bond. 

22 (3) BONDS TO BE CREDITED TO SINGLE AC23 COUNT.—Each retirement savings bond issued to the 

24 designated Roth IRA custodian shall be credited to 


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1 a single Roth IRA established through the MyRA 

2 Program on behalf of a participant. 

3 (4) REISSUE IN CASE OF CHANGE IN CUSTO4 DIAN.—If a successor designated Roth IRA custo5 dian is designated under subsection (b)(4), the re6 tirement savings bonds issued to the predecessor 

7 designated Roth IRA custodian shall be reissued to 

8 such successor. 

9 (d) ROTH IRA.—For purposes of this section, the 

10 term ‘‘Roth IRA’’ has the meaning given such term by 

11 section 408A(b) of the Internal Revenue Code of 1986. 

12 (e) SECRETARY.—For purposes of this section, the 

13 term ‘‘Secretary’’ means the Secretary of the Treasury (or 

14 the Secretary’s delegate). 

15 SEC. 4. PROMOTION AND GUIDANCE. 

16 (a) PROMOTION.— 

17 (1) IN GENERAL.—The Secretary shall take 

18 such steps as the Secretary determines are necessary 

19 and appropriate to increase public awareness of the 

20 benefits provided under section 6433 of the Internal 

21 Revenue Code of 1986 and the MyRA Program es22 tablished under section 3 of this Act. 

23 (2) REPORT TO CONGRESS.— 

24 (A) IN GENERAL.—Not later than 90 days 

25 after the date of the enactment of this Act, the 


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1 Secretary shall provide a report to Congress to 

2 summarize the anticipated promotion efforts of 

3 the Treasury with respect to paragraph (1). 

4 (B) CONTENTS.—The report under sub5 paragraph (A) shall include— 

6 (i) a description of plans for— 

7 (I) the development and distribu8 tion of digital and print materials, in9 cluding the distribution of such mate10 rials to States for participants in 

11 State-sponsored retirement savings 

12 plans, and 

13 (II) the translation of such mate14 rials into the ten most commonly spo15 ken languages in the United States 

16 after English (as determined by 

17 American Community Survey data), 

18 and 

19 (ii) such other information as the Sec20 retary determines necessary. 

21 (b) GUIDANCE.—Not later than December 31, 2021, 

22 the Secretary shall issue guidance on the implementation 

23 and administration of the amendments made by section 

24 2 of this Act. 


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1 (c) SECRETARY.—For purposes of this section, the 

2 term ‘‘Secretary’’ means the Secretary of the Treasury (or 

3 the Secretary’s delegate). 

Æ 


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