Retirement Income Security Act of 1974 is amended 
by inserting after the item relating to section 205 the 
following new item: 
‘‘Sec. 205A. Additional spousal consent requirements.’’. 
(3) PARALLEL AMENDMENT TO SECTION 205.— 
Section 205(c)(2)(B) of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1055(c)(2)(B)) 
is amended by inserting ‘‘, because due to exceptional 
circumstances, requiring the participant to seek the 
spouse’s consent would be inappropriate’’ after ‘‘lo-
cated’’. 
(b) CONFORMING AMENDMENT TO INTERNAL REVENUE 
CODE OF 1986.—Section 401(a) of the Internal Revenue 
Code of 1986 is amended by inserting after paragraph (17) 
the following new paragraph: 
‘‘(18) ADDITIONAL SPOUSAL CONSENT REQUIRE-
MENTS.— 
‘‘(A) IN
GENERAL.—To the extent para-
graph (11) does not apply to a defined contribu-
tion plan to which title I of the Employee Re-
tirement Income Security Act of 1974 applies, 
except as provided in subparagraphs (C) and 
(D), a trust forming part of such plan shall not 
constitute a qualified trust under this section un-
less no distribution may be made under the plan 
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unless the spousal consent requirements of sub-
paragraph (E) are met. 
‘‘(B) 
COORDINATION
WITH
PARAGRAPH 
(11).—Nothing in this paragraph shall be con-
strued to exempt a defined contribution plan 
from the requirements of subparagraph (B)(ii), 
(B)(iii), or (C) of paragraph (11) with respect to 
any participant. 
‘‘(C) EXCEPTIONS FOR CERTAIN DISTRIBU-
TIONS.—Subparagraph (A) shall not apply to— 
‘‘(i) any distribution that is— 
‘‘(I) a minimum required dis-
tribution described in section 4974(b), 
or 
‘‘(II) 
permitted 
under 
section 
411(a)(11) to be made without the con-
sent of the participant, 
‘‘(ii) any distribution in the form of a 
qualified joint and survivor annuity (as de-
fined in section 417(b)), a qualified op-
tional survivor annuity (as defined in sec-
tion 417(g)), a qualified preretirement sur-
vivor annuity (as defined in section 417(c)), 
or a series of substantially equal periodic 
payments (not less frequently than annu-
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ally) made for the joint lives (or life 
expectancies) of the participant and the 
participant’s spouse, or 
‘‘(iii) in the case of a participant who 
does not elect a form of benefit described in 
clause (ii) under the plan or who is partici-
pating in a plan that does not provide such 
a form of benefit, any distribution of the 
participant’s entire nonforfeitable accrued 
benefit if 50 percent of such accrued benefit 
is directly transferred to an individual re-
tirement plan of the spouse of the partici-
pant. 
A transfer described in clause (iii) to an indi-
vidual retirement plan shall be treated in the 
same manner as a transfer under section 
408(d)(6) and shall be deemed not to violate 
paragraph (2) or (13). 
‘‘(D) EXCEPTIONS FOR CERTAIN ROLLOVER 
CONTRIBUTIONS.— 
‘‘(i) IN GENERAL.—Subparagraph (A) 
shall not apply to any distribution, involv-
ing a participant who has a spouse, that is 
an eligible rollover distribution (as defined 
in section 402(f)(2)(A)) made in the form of 
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a direct trustee-to-trustee transfer within 
the meaning of paragraph (31)— 
‘‘(I) to a plan to which this para-
graph or paragraph (11) applies; or 
‘‘(II) to an individual retirement 
plan if— 
‘‘(aa) the sole beneficiary of 
such plan is the spouse of the par-
ticipant, or the spousal consent 
requirements of subparagraph (E) 
are met with respect to any des-
ignation of 1 or more other bene-
ficiaries; and 
‘‘(bb) under the terms of the 
individual retirement plan, the 
beneficiary of such plan (whether 
the spouse or other beneficiary 
designated under clause (i)) may 
not be changed unless— 
‘‘(AA) the spousal con-
sent requirements of subpara-
graph (E) are met with re-
spect to any such change, or 
‘‘(BB) the spousal con-
sent under subclause (I) to 
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the designation of a bene-
ficiary other than the spouse 
expressly permits such des-
ignation to be changed with-
out the further consent of the 
spouse. 
‘‘(ii) REGULATORY
AUTHORITY.—The 
Secretary of the Treasury, in consultation 
with the Secretary of Labor, may issue reg-
ulations to implement subparagraphs sub-
clauses (I) and (II) or clause (i). 
‘‘(E) SPOUSAL CONSENT REQUIREMENTS.— 
‘‘(i) IN
GENERAL.—For purposes of 
this paragraph, except as provided in clause 
(ii), the spousal consent requirements of this 
subparagraph are met with respect to any 
distribution or any designation or change of 
beneficiary if— 
‘‘(I) the plan provides to each 
participant, within a reasonable pe-
riod of time before such distribution or 
designation or change of beneficiary is 
made and consistent with such regula-
tions as the Secretary may prescribe, a 
written explanation of the rights of the 
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participant 
and 
the 
participant’s 
spouse under this paragraph, 
‘‘(II) the spouse of the participant 
consents in writing to the distribution 
or designation or change of beneficiary, 
‘‘(III) in the case of a distribu-
tion, the written consent under sub-
clause (II) is made during the consent 
period, and 
‘‘(IV) the written consent under 
subclause (ii)— 
‘‘(aa) acknowledges the effect 
of such distribution or designation 
or change of beneficiary, and 
‘‘(bb) is witnessed by a plan 
representative or a notary public. 
‘‘(ii) EXCEPTIONS
UNDER
SECTION 
417(A)(2)(B) TO APPLY.—The requirements of 
clause (i) (other than subclause (I) thereof) 
shall not apply with respect to any dis-
tribution or designation or change of bene-
ficiary if a participant establishes to the 
satisfaction of the administrator that— 
‘‘(I) there is no spouse, 
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‘‘(II) the participant and the par-
ticipant’s spouse have not been mar-
ried for at least 1 year as of the date 
of the distribution or designation or 
change of beneficiary, or 
‘‘(III) such consent cannot be ob-
tained because— 
‘‘(aa) the spouse cannot be 
located after taking documented 
search efforts in accordance with 
guidance from the Secretary of 
Labor; 
‘‘(bb) due to exceptional cir-
cumstances, requiring the partici-
pant to seek the spouse’s consent 
would be inappropriate; or 
‘‘(cc) 
of 
such 
other 
cir-
cumstances as the Secretary, in 
consultation with the Secretary of 
Labor, may by regulations pre-
scribe. 
The Secretary, in consultation with the Sec-
retary of Labor, may issue regulations to 
implement this clause. 
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‘‘(iii) CONSENT
LIMITED
TO
SPOUSE 
AND
EVENT.—Any written consent by a 
spouse under clause (i), or the establishment 
by a participant that an exception under 
clause (ii) applies with respect to a spouse, 
shall be effective only with respect to that 
spouse and to the distribution or designa-
tion or change of beneficiary to which it re-
lates. 
‘‘(iv) CONSENT PERIOD.—For purposes 
of this subparagraph, the term ‘consent pe-
riod’ means, with respect to any distribu-
tion— 
‘‘(I) the 90-day period imme-
diately preceding the date of such dis-
tribution, or 
‘‘(II) such other period as the Sec-
retary may provide.’’. 
SEC. 5. AUTOMATIC REENROLLMENT. 
(a) ELIGIBLE AUTOMATIC CONTRIBUTION ARRANGE-
MENTS.— 
(1) AMENDMENT
TO
THE
EMPLOYEE
RETIRE-
MENT
INCOME
SECURITY
ACT
OF
1974.—Section 
514(e)(2) of the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1144(e)(2)) is amended— 
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(A) by redesignating subparagraphs (A) 
through (C) as clauses (i) through (iii), respec-
tively, and moving the margins of such clauses 
2 ems to the right, 
(B) by striking ‘‘(2) For purposes of’’ and 
inserting ‘‘(2)(A) For purposes of’’, and 
(C) by adding at the end the following: 
‘‘(B) In the case of an automatic contribu-
tion arrangement taking effect after December 
31, 2024, the requirements of subparagraph 
(A)(ii) shall be treated as met only if, under the 
arrangement, at least every 3 years each em-
ployee— 
‘‘(i) who is eligible to participate in 
the arrangement, and 
‘‘(ii) who, at the time of the determina-
tion, has in effect an affirmative election 
pursuant to subparagraph (A)(ii) not to 
have contributions described in such sub-
paragraph made, 
is treated as having made the election at the uni-
form percentage of compensation described in 
subparagraph (A)(ii) unless the employee makes 
a new election under such subparagraph. Such 
determination may be made at one time for all 
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employees described in the preceding sentence for 
a plan year, regardless of individual employee 
dates of enrollment.’’. 
(2) AMENDMENT
TO
THE
INTERNAL
REVENUE 
CODE
OF
1986.—Section 414(w)(3) of the Internal 
Revenue Code of 1986 is amended— 
(A) by redesignating subparagraphs (A) 
through (C) as clauses (i) through (iii), respec-
tively, and moving the margins of such clauses 
2 ems to the right; 
(B) by striking ‘‘ For purposes of’’ and in-
serting the following: 
‘‘(A) IN GENERAL.—For purposes of’’ 
(C) by adding at the end the following new 
subparagraph: 
‘‘(B) PERIODIC AUTOMATIC DEFERRAL RE-
QUIRED.—In the case of an eligible automatic 
contribution arrangement taking effect after De-
cember 31, 2024, the requirements of this sub-
section shall be treated as met only if, under the 
arrangement, at least every 3 plan years each 
employee— 
‘‘(i) who is eligible to participate in 
the arrangement, and 
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‘‘(ii) who, at the time of the determina-
tion, has in effect an affirmative election 
under subparagraph (A)(ii) not to have 
such contributions described in such sub-
paragraph made, 
is treated as having made the election at the uni-
form percentage level described in subparagraph 
(A)(ii) unless the employee makes a new election 
under such subparagraph. Such determination 
may be made at one time for all employees de-
scribed in the preceding sentence for a plan year, 
regardless of individual employee dates of enroll-
ment.’’ 
(b) QUALIFIED AUTOMATIC CONTRIBUTION ARRANGE-
MENTS.— 
(1) IN GENERAL.—Section 401(k)(13)(C) of the 
Internal Revenue Code of 1986 is amended by adding 
at the end the following new clause: 
‘‘(v) PERIODIC AUTOMATIC DEFERRAL 
REQUIRED
FOR
POST-2024
ARRANGE-
MENTS.—In the case of a qualified auto-
matic contribution arrangement which takes 
effect after December 31, 2024, the require-
ments of this subparagraph shall be treated 
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as met only if, under the arrangement, at 
least every 3 plan years each employee— 
‘‘(I) who is eligible to participate 
in the arrangement, and 
‘‘(II) who, at the time of the deter-
mination, has in effect an affirmative 
election pursuant to clause (ii) not to 
have contributions described in clause 
(i) made, 
is treated as having made the election de-
scribed in clause (i) unless the employee 
makes a new affirmative election under 
clause (ii). Such determination may be 
made at one time for all employees de-
scribed in the preceding sentence for a plan 
year, regardless of individual employee 
dates of enrollment.’’ 
(2) CONFORMING AMENDMENTS.—Clause (iv) of 
section 401(k)(13)(C) of such Code is amended— 
(A) in the heading, by inserting ‘‘for pre- 
2025 arrangements’’ after ‘‘required’’; and 
(B) by striking ‘‘Clause (i)’’ and inserting 
‘‘In the case of a qualified automatic contribu-
tion arrangement in effect before January 1, 
2025, clause (i)’’. 
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(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to arrangements taking effect after De-
cember 31, 2024. 
SEC. 6. EMPLOYEE OWNERSHIP AND PARTICIPATION INI-
TIATIVE. 
(a) DEFINITIONS.—In this section: 
(1) EXISTING
PROGRAM.—The term ‘‘existing 
program’’ means a program, designed to promote em-
ployee ownership and employee participation in busi-
ness decisionmaking, that exists on the date on which 
the Secretary is carrying out a responsibility author-
ized under this section. 
(2) INITIATIVE.—The term ‘‘Initiative’’ means 
the Employee Ownership and Participation Initiative 
established under subsection (b). 
(3) NEW PROGRAM.—The term ‘‘new program’’ 
means a program, designed to promote employee own-
ership and employee participation in business deci-
sionmaking, that does not exist on the date on which 
the Secretary is carrying out a responsibility author-
ized under this section. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Labor. 
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(i) making Federal grants authorized 
under subsection (d); and 
(ii) acting as a clearinghouse on tech-
niques employed by new programs and ex-
isting programs within the States, and dis-
seminating information relating to those 
techniques to the programs; and 
(B) facilitate the formation of new pro-
grams, in ways that include holding or funding 
an annual conference of representatives from 
States with existing programs, representatives 
from States developing new programs, and rep-
resentatives from States without existing pro-
grams. 
(c) PROGRAMS REGARDING EMPLOYEE OWNERSHIP 
AND PARTICIPATION.— 
(1) ESTABLISHMENT
OF
PROGRAM.—Not later 
than 180 days after the date of enactment of this Act, 
the Secretary shall establish a program to encourage 
new programs and existing programs within the 
States to foster employee ownership and employee 
participation in business decisionmaking throughout 
the United States. 
(2) PURPOSE OF PROGRAM.—The purpose of the 
program established under paragraph (1) is to en-
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courage new and existing programs within the States 
that focus on— 
(A) providing education and outreach to in-
form employees and employers about the possi-
bilities and benefits of employee ownership, busi-
ness ownership succession planning, and em-
ployee participation in business decisionmaking, 
including providing information about financial 
education, employee teams, open-book manage-
ment, and other tools that enable employees to 
share ideas and information about how their 
businesses can succeed; 
(B) providing technical assistance to assist 
employee efforts to become business owners, to en-
able employers and employees to explore and as-
sess the feasibility of transferring full or partial 
ownership to employees, and to encourage em-
ployees and employers to start new employee- 
owned businesses; and 
(C) training employees and employers with 
respect to methods of employee participation in 
open-book management, work teams, committees, 
and other approaches for seeking greater em-
ployee input. 
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(3) PROGRAM DETAILS.—The Secretary may in-
clude, in the program established under paragraph 
(1), provisions that— 
(A) in the case of activities described in 
paragraph (2)(A)— 
(i) target key groups, such as retiring 
business owners, senior managers, unions, 
trade associations, community organiza-
tions, and economic development organiza-
tions; 
(ii) encourage cooperation in the orga-
nization of workshops and conferences; and 
(iii) prepare and distribute materials 
concerning employee ownership and partici-
pation, and business ownership succession 
planning; 
(B) in the case of activities described in 
paragraph (2)(B)— 
(i) provide preliminary technical as-
sistance to employee groups, managers, and 
retiring owners exploring the possibility of 
employee ownership; 
(ii) provide for the performance of pre-
liminary feasibility assessments; 
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(iii) assist in the funding of objective 
third-party feasibility studies and prelimi-
nary business valuations, and in selecting 
and monitoring professionals qualified to 
conduct such studies; and 
(iv) provide a data bank to help em-
ployees find legal, financial, and technical 
advice in connection with business owner-
ship; 
(C) in the case of activities described in 
paragraph (2)(C)— 
(i) provide for courses on employee 
participation; and 
(ii) provide for the development and 
fostering of networks of employee-owned 
companies to spread the use of successful 
participation techniques; and 
(D) in the case of training described in 
paragraph (2)(D)— 
(i) provide for visits to existing pro-
grams by staff from new programs receiving 
funding under this section; and 
(ii) provide materials to be used for 
such training. 
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(4) GUIDANCE.—The Secretary shall issue formal 
guidance, for recipients of grants awarded under sub-
section (d) and one-stop partners (as defined in sec-
tion 3 of the Workforce Innovation and Opportunity 
Act (29 U.S.C. 3102)) affiliated with the workforce 
development systems (as so defined) of the States, pro-
posing that programs and other activities funded 
under this section be— 
(A) proactive in encouraging actions and 
activities that promote employee ownership of, 
and participation in, businesses; and 
(B) comprehensive in emphasizing both em-
ployee ownership of, and participation in, busi-
nesses so as to increase productivity and broaden 
capital ownership. 
(d) GRANTS.— 
(1) IN GENERAL.—In carrying out the program 
established under subsection (c), the Secretary may 
make grants to States (except as provided in para-
graph (5)) for use in connection with new programs 
and existing programs within a State for— 
(A) education and outreach as provided in 
subsection (c)(2)(A); 
(B) technical assistance as provided in sub-
section (c)(2)(B); 
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(C) training activities for employees and 
employers as provided in subsection (c)(2)(C); 
(D) 
activities 
facilitating 
cooperation 
among employee-owned firms; and 
(E) training as provided in subsection 
(c)(2)(D) for new programs provided by partici-
pants in existing programs dedicated to the ob-
jectives of this section, except that, for each fiscal 
year, the amount of the grants made for such 
training shall not exceed 10 percent of the total 
amount of the grants made under this section. 
(2) AMOUNTS AND CONDITIONS.—The Secretary 
shall determine the amount and any conditions for a 
grant made under this subsection. The amount of the 
grant shall be subject to paragraph (6), and shall re-
flect the capacity of the applicant for the grant. 
(3) APPLICATIONS.—Each entity desiring a 
grant under this subsection shall submit an applica-
tion to the Secretary at such time, in such manner, 
and accompanied by such information as the Sec-
retary may reasonably require. 
(4) STATE
APPLICATIONS.—Each State may 
sponsor and submit an application under paragraph 
(3) on behalf of any local entity consisting of a unit 
of State or local government, State-supported institu-
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tion of higher education, or nonprofit organization, 
meeting the requirements of this section. 
(5) APPLICATIONS BY ENTITIES.— 
(A) ENTITY APPLICATIONS.—If a State fails 
to support or establish a program pursuant to 
this section during any fiscal year, the Secretary 
shall, in the subsequent fiscal years, allow local 
entities described in paragraph (4) from that 
State to make applications for grants under 
paragraph (3) on their own initiative. 
(B) APPLICATION SCREENING.—In any case 
in which a local entity makes an application for 
a grant pursuant to subparagraph (A), the rel-
evant State may take no actions to screen such 
application. 
(6) LIMITATIONS.—A recipient of a grant made 
under this subsection shall not receive, during a fiscal 
year, in the aggregate, more than the following 
amounts: 
(A) For fiscal year 2023, $300,000. 
(B) For fiscal year 2024, $330,000. 
(C) For fiscal year 2025, $363,000. 
(D) For fiscal year 2026, $399,300. 
(E) For fiscal year 2027, $439,200. 
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(7) ANNUAL REPORT.—For each year, each re-
cipient of a grant under this subsection shall submit 
to the Secretary a report describing how grant funds 
allocated pursuant to this subsection were expended 
during the 12-month period preceding the date of the 
submission of the report. 
(e) EVALUATIONS.—The Secretary is authorized to re-
serve not more than 10 percent of the funds appropriated 
for a fiscal year to carry out this section for the purposes 
of conducting evaluations of the grant programs identified 
in subsection (d) and to provide related technical assistance. 
(f) REPORTING.—Not later than 36 months after the 
date of enactment of this Act, the Secretary shall prepare 
and submit to Congress a report— 
(1) on progress related to employee ownership 
and participation in businesses in the United States; 
and 
(2) containing an analysis of critical costs and 
benefits of activities carried out under this section. 
(g) AUTHORIZATIONS OF APPROPRIATIONS.— 
(1) IN GENERAL.—There are authorized to be ap-
propriated for the purpose of making grants pursuant 
to subsection (d) the following: 
(A) For fiscal year 2023, $4,000,000. 
(B) For fiscal year 2024, $7,000,000. 
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(C) For fiscal year 2025, $10,000,000. 
(D) For fiscal year 2026, $13,000,000. 
(E) For fiscal year 2027, $16,000,000. 
(2) ADMINISTRATIVE EXPENSES.—There are au-
thorized to be appropriated for the purpose of funding 
the administrative expenses related to the Initiative, 
for each of fiscal years 2022 through 2026, an amount 
not in excess of the lesser of— 
(A) $350,000; or 
(B) 5.0 percent of the maximum amount 
available under paragraph (1) for that fiscal 
year. 
SEC. 7. REFUND TO RAINY DAY SAVINGS PROGRAM. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—Not later than December 31, 
2024, the Secretary of the Treasury or the Secretary’s 
delegate (referred to in this subsection as the ‘‘Sec-
retary’’) shall establish and implement a program 
(referred to in this subsection as the ‘‘Refund to 
Rainy Day Savings Program’’) to allow partici-
pating taxpayers, pursuant to the requirements estab-
lished under this section, to defer payment on 20 per-
cent of the amount which would otherwise be refunded 
to such taxpayer as an overpayment (as described in 
section 6401 of the Internal Revenue Code of 1986). 
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(2) PERIOD OF DEFERRAL.—Except as provided 
under paragraph (3)(E), a participating taxpayer 
may elect to defer payment of the amount described 
in paragraph (1) and have such amount deposited in 
the Rainy Day Fund (as described in paragraph (3)). 
(3) RAINY DAY FUND.— 
(A) IN GENERAL.—The Secretary shall es-
tablish in the Treasury a fund, in such manner 
as the Secretary determines to be appropriate, to 
be known as the ‘‘Rainy Day Fund’’, consisting 
of any amounts described in paragraph (1) on 
which payment has been deferred by partici-
pating taxpayers. 
(B) INVESTMENT.—Any amounts deposited 
in the Rainy Day Fund shall be invested by the 
Secretary, in United States Treasury securities 
issued under chapter 31 of title 31, United 
States Code, that are suitable for the needs of the 
Rainy Day Fund. 
(C) DISBURSEMENTS FROM FUND.— 
(i) IN GENERAL.—On the date that is 
180 days after the date of deposit in the 
Rainy Day Fund of an amount deferred by 
such taxpayer under paragraph (1), the 
amounts in the Rainy Day Fund shall be 
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made available to the Secretary to dis-
tribute to such taxpayer in an amount 
equal to such amount plus any interest ac-
crued on such amount (as determined under 
subparagraph (D)). 
(ii) DISTRIBUTED
TO
TAXPAYERS.— 
The amounts described in clause (i) shall be 
distributed to the account identified by the 
participating taxpayer under paragraph 
(4)(B). 
(D) INTEREST ACCRUED.—The amount of 
interest accrued on the amount deferred by a 
participating taxpayer under subsection (a) 
shall be determined by the Secretary based upon 
the return on the investment of such amounts 
under subparagraph (B). 
(E) EARLY WITHDRAWAL.— 
(i) IN GENERAL.—As soon as possible 
after receipt by the Secretary of the indi-
vidual income tax return of the partici-
pating taxpayer and October 15 of the ap-
plicable year, such taxpayer may elect to 
terminate the deferral of the amount de-
scribed under paragraph (1) and receive a 
distribution from the Rainy Day Fund 
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equal to such amount and any interest 
which has accrued on such amount up to 
that date. 
(ii) COMPLETE WITHDRAWAL.—A par-
ticipating taxpayer making an election 
under clause (i) must terminate deferral of 
the full amount described under paragraph 
(1), and such amount shall be distributed to 
the bank account identified by the partici-
pating taxpayer under paragraph (4)(B). 
(4) PARTICIPATING TAXPAYER.—For purposes of 
this section, the term ‘‘participating taxpayer’’ means 
a taxpayer who— 
(A) prior to the due date for filing the re-
turn of tax for such taxable year, elects to par-
ticipate in the Refund to Rainy Day Savings 
Program, in accordance with regulations to be 
issued by the Secretary; and 
(B) provides the Secretary with an account 
and routing number or any other financial in-
formation deemed necessary by the Secretary for 
purposes of subparagraphs (C)(ii) and (E)(ii) of 
paragraph (3). 
(5) FORMS.—The Secretary shall ensure that the 
election to defer payment of the amount described in 
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paragraph (1) may be claimed on appropriate tax 
forms. 
(6) IMPLEMENTATION.— 
(A) EDUCATIONAL
MATERIALS
AND
OUT-
REACH.—The Secretary shall— 
(i) design educational materials for 
taxpayers regarding financial savings and 
the Refund to Rainy Day Savings Program, 
(ii) publicly disseminate and distribute 
such materials during the first calendar 
quarter of each calendar year and following 
disbursement of amounts described in para-
graph (3)(C), and 
(iii) engage in outreach regarding the 
Refund to Rainy Day Savings Program to 
the Volunteer Income Tax Assistance pro-
gram and paid tax preparers. 
(B) INFORMATION FOR PARTICIPATING TAX-
PAYERS.—The Secretary shall ensure that a par-
ticipating taxpayer is able to electronically 
verify the status of the amount deferred by such 
taxpayer under paragraph (1), including any 
interest accrued on such amount and the status 
of any distribution. 
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(C) FEDERALLY FUNDED BENEFITS.—Any 
amounts described in paragraph (1) that are dis-
tributed to a participating taxpayer, including 
any interest accrued on such amount, shall be 
treated in the same manner as any refund made 
to such taxpayer under section 32 of the Internal 
Revenue Code of 1986 for purposes of deter-
mining the eligibility of such taxpayer for bene-
fits or assistance, or the amount or extent of ben-
efits or assistance, under any Federal program 
or under any State or local program financed in 
whole or in part with Federal funds. 
(b) ASSETS FOR INDEPENDENCE INNOVATION DEM-
ONSTRATION PROJECTS.— 
(1) REAUTHORIZATION.—The Assets for Inde-
pendence Act (42 U.S.C. 604 note) is amended— 
(A) in section 416, by inserting ‘‘, and, sub-
ject to section 417, $25,000,000 for each of fiscal 
years 2024, 2025, 2026, 2027, and 2028, to re-
main available until expended’’at the end before 
the period; and 
(B) by adding at the end the following new 
section: 
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‘‘SEC. 417. RESERVATION OF FUNDS. 
‘‘(a) IN GENERAL.—Subject to subsections (b) and (c), 
from the funds appropriated for each of fiscal years 2024, 
2025, 2026, 2027, and 2028 under section 416, the Sec-
retary shall reserve— 
‘‘(1) $3,000,000 for general research and evalua-
tion; and 
‘‘(2) any amounts remaining after application of 
paragraph (1) to fund Assets for Independence inno-
vation projects under section 418. 
‘‘(b) PILOT PROGRAM FUNDING.—From the amounts 
reserved under subsection (a) for each of fiscal years 2024, 
2025, and 2026, the Secretary shall make available for oper-
ating the pilot program established under section 7(c) of 
the Protecting America’s Retirement Security Act of 2022— 
‘‘(1) 50 percent of the amount reserved for the 
relevant fiscal year under paragraph (1) of subsection 
(a) (after any adjustment under subsection (c)); and 
‘‘(2) 25 percent of the amount reserved for the 
relevant fiscal year under paragraph (2) of subsection 
(a) (after any adjustment under subsection (c)). 
‘‘(c) PROPORTIONAL ADJUSTMENT.—In any of fiscal 
years 2024, 2025, 2026, 2027, and 2028, if the amount ap-
propriated for such fiscal year is greater or less than the 
amount authorized for such fiscal year under section 416, 
the amounts reserved under subsection (a) shall be increased 
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or decreased for such fiscal year so that each such amount 
bears the same proportion to the amount appropriated as 
each of the amounts reserved under such subsection bears 
to the amount authorized.’’. 
(2) 
ESTABLISHMENT
OF
INNOVATION
PRO-
GRAM.—The Assets for Independence Act (42 U.S.C. 
604 note), as amended by paragraph (1), is further 
amended by adding at the end the following new sec-
tion: 
‘‘SEC. 
418. 
ASSETS 
FOR 
INDEPENDENCE 
INNOVATION 
PROJECTS. 
‘‘(a) IN GENERAL.—The Secretary is authorized to 
make grants to qualified entities to conduct Assets for Inde-
pendence innovation projects under this section. 
‘‘(b) DEFINITIONS.—For purposes of this section: 
‘‘(1) ASSETS
FOR
INDEPENDENCE
INNOVATION 
PROJECT.—The term ‘Assets for Independence innova-
tion project’ means a demonstration project carried 
out by a qualified entity under this section. 
‘‘(2) INNOVATION DEVELOPMENT ACCOUNT.—The 
term ‘innovation development account’ means an ac-
count that is established in a federally insured finan-
cial institution or a State insured financial institu-
tion and meets such other requirements as are estab-
lished by the Secretary. 
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‘‘(c) APPLICATION.— 
‘‘(1) CRITERIA AND PREFERENCES.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), in considering an application to con-
duct an Assets for Independence innovation 
project, the Secretary shall apply subsections (c) 
and (d) of section 405 to the application in the 
same manner that such subsections apply to an 
application to conduct a demonstration project 
under section 405. 
‘‘(B) MODIFICATION.—For purposes of this 
paragraph, paragraph (1) of section 405(c) shall 
be applied without regard to the phrase ‘through 
activities requiring one or more qualified ex-
penses’. 
‘‘(2) APPROVAL OF ASSETS FOR INDEPENDENCE 
INNOVATION PROJECTS.—Not later than 12 months 
after the date of the enactment of this section, the Sec-
retary shall, on a competitive basis, approve such ap-
plications to conduct Assets for Independence innova-
tion projects as the Secretary considers to be appro-
priate, taking into account the considerations re-
quired by paragraph (1). The Secretary shall ensure, 
to the maximum extent practicable, that the applica-
tions that are approved involve a range of commu-
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nities (spread out both geographically and in rural 
and urban areas) and diverse populations. 
‘‘(d) PROJECT DURATION AND GRANT AMOUNT.— 
‘‘(1) DURATION.—The Secretary shall award 
grants under this section for a period not to exceed 
5 project years. 
‘‘(2) GRANT AMOUNT.—For each project year of 
an Assets for Independence innovation project ap-
proved under this section, the Secretary may make a 
grant to the qualified entity authorized to conduct the 
project. In making such a grant, the Secretary shall 
make the grant on the first day of the project year in 
an amount not to exceed the lesser of— 
‘‘(A) the aggregate amount of funds com-
mitted as matching contributions from non-Fed-
eral public or private sector sources; or 
‘‘(B) $1,000,000. 
‘‘(e) ELIGIBILITY AND SELECTION OF INDIVIDUALS TO 
PARTICIPATE IN AN ASSETS FOR INDEPENDENCE INNOVA-
TION PROJECT.— 
‘‘(1) ELIGIBILITY CRITERIA.—Subject to the ap-
proval of the Secretary, each qualified entity con-
ducting an Assets for Independence innovation project 
shall establish eligibility requirements for partici-
pants in the project. Such requirements shall— 
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‘‘(A) be more expansive than the require-
ments established under section 408; and 
‘‘(B) ensure that eligibility is limited to 
low-income individuals. 
‘‘(2) SELECTION OF INDIVIDUALS TO PARTICI-
PATE.—Each qualified entity conducting an Assets 
for Independence innovation project shall select, from 
among the individuals that meet the eligibility re-
quirements established by the entity under paragraph 
(1), the individuals— 
‘‘(A) that the qualified entity determines to 
be most appropriate to participate; and 
‘‘(B) to whom the qualified entity will make 
disbursements or deposits in accordance with 
subsection (f). 
‘‘(f) DISBURSEMENTS BY QUALIFIED ENTITIES.— 
‘‘(1) IN GENERAL.—Each qualified entity con-
ducting an Assets for Independence innovation project 
shall, in a manner consistent with the program re-
quirements established by such entity, disburse to a 
third-party or deposit into the innovation develop-
ment account of each individual participating in the 
project from the funds described in subsection (d)(2), 
a matching contribution of not less than $0.50 and 
not more than $8 for every $1 deposited in the ac-
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count by a project participant, except that the rate of 
matching shall be equal for all individuals partici-
pating in the project conducted by such qualified enti-
ty. 
‘‘(2) LIMITATION ON DISBURSEMENTS FOR AN IN-
DIVIDUAL.—Not more than $5,000 from a grant made 
under subsection (d)(1) shall be provided to any one 
individual over the course of the Assets for Independ-
ence innovation project. 
‘‘(3) LIMITATION
ON
DISBURSEMENTS
FOR
A 
HOUSEHOLD.—Not more than $10,000 from a grant 
made under subsection (d)(1) shall be provided to any 
one household over the course of the Assets for Inde-
pendence innovation project. 
‘‘(4) ADJUSTMENT FOR INFLATION.— 
‘‘(A) IN GENERAL.—For each calendar year 
after 2023, the dollar amounts in paragraphs (2) 
and (3) shall be increased by an amount equal 
to the product of— 
‘‘(i) such dollar amount, and 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) of the Inter-
nal Revenue Code of 1986 for the calendar 
year, determined by substituting ‘2022’ for 
‘2016’ in subparagraph (A)(ii) thereof. 
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‘‘(B) ROUNDING.—If any increase deter-
mined under subparagraph (A) is not a multiple 
of $50, such increase shall be rounded up to the 
next lowest multiple of $50.’’. 
(3) CONFORMING AMENDMENTS.—The Assets for 
Independence Act (42 U.S.C. 604 note), as amended 
by paragraphs (1) and (2), is further amended— 
(A) in section 404(2), by inserting ‘‘or sec-
tion 418’’ before the period; 
(B) in section 406— 
(i) in subsection (a), by striking ‘‘to 
conduct a demonstration project under this 
title’’ and inserting ‘‘under section 405’’; 
and 
(ii) in subsection (b), by striking ‘‘con-
ducted under this title’’ and inserting ‘‘ap-
proved under section 405’’; 
(C) in section 407— 
(i) in subsection (c)— 
(I) in paragraph (1)— 
(aa) in subparagraph (A), by 
inserting ‘‘or, in the case of a par-
ticipant in a project conducted 
under section 418, other permitted 
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expenses’’ 
after 
‘‘qualified 
ex-
penses’’; and 
(bb) in subparagraph (B), by 
inserting ‘‘or subsection (f) of sec-
tion 418’’ after ‘‘section 410’’; and 
(II) in paragraph (3), by insert-
ing ‘‘or section 418(d)(1)’’after ‘‘ sec-
tion 406(b)’’; and 
(ii) in subsection (d)(2)(A), by insert-
ing ‘‘or section 418(d)(1)’’ after ‘‘section 
406(b)’’; 
(D) in section 408, by striking ‘‘conducted 
under this title’’ each place it appears and in-
serting ‘‘approved under section 405’’; 
(E) in section 409, by striking ‘‘conducted 
under this title’’ and inserting ‘‘approved under 
section 405’’; 
(F) in section 410, by striking ‘‘under this 
title’’ and inserting ‘‘conducting a demonstration 
project approved under section 405’’; 
(G) in section 413(a), by inserting ‘‘or sec-
tion 418(c)’’ after ‘‘under section 405’’; and 
(H) in section 415, by inserting ‘‘or innova-
tion development account’’ after ‘‘individual de-
velopment account’’. 
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(c) MATCHED REFUND TO RAINY DAY SAVINGS PILOT 
PROGRAM.— 
(1) IN GENERAL.—Not later than 6 months after 
the date of the enactment of this Act and using the 
funds made available pursuant to section 417(b) of 
the Assets for Independence Act, the Secretary of 
Health and Human Services, acting through the Di-
rector of Community Services (in this section referred 
to as ‘‘the Secretary’’), shall establish under this sub-
section a matched savings account pilot program to 
encourage saving by eligible individuals. Under the 
pilot program, a qualified entity may apply to the 
Secretary for a grant to conduct a pilot project de-
scribed in paragraph (2) (in this section referred to 
as a ‘‘pilot project’’). The pilot program shall operate 
for a period of 3 years. 
(2) PILOT PROJECT DESCRIBED.— 
(A) IN
GENERAL.—A pilot project is a 
project in which a qualified entity establishes a 
matched savings program that meets the require-
ments of subparagraph (B) for eligible individ-
uals who are selected by the entity to participate 
in the program. 
(B) REQUIREMENTS.— 
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(i) DEPOSITS
INTO
DIRECT
DEPOSIT 
ACCOUNTS.— 
(I) IN GENERAL.—A matched sav-
ings program established as part of a 
pilot project shall match amounts 
saved by each eligible individual par-
ticipating in the pilot project— 
(aa) 
with 
the 
amount 
matched to be equal to or less 
than the amount of any payment 
deferred by such individual under 
the Refund to Rainy Day Savings 
Program established in subsection 
(a)(1); and 
(bb) with the rate of match-
ing to be equal for all eligible in-
dividuals participating in the 
program. 
(II) TIMING.—Any amount de-
scribed in subclause (I) shall not be 
distributed to an eligible individual 
until the amounts described in sub-
paragraphs (C)(ii) or (E)(ii) of sub-
section (a)(1) have been distributed to 
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the bank account identified by such in-
dividual. 
(ii) EVALUATION
OF
PROGRAM
BY 
INDEPENDENT RESEARCH ORGANIZATION.— 
(I) IN GENERAL.—From amounts 
made available under section 417(b)(2) 
of the Assets for Independence Act, as 
added by subsection (b)(1)(B), the Sec-
retary shall enter into a contract with 
an independent research organization 
for 
purposes 
of 
evaluating 
pilot 
projects conducted under this section. 
(II) COORDINATION.—Each quali-
fied entity that establishes a matched 
savings program as part of a pilot 
project shall collaborate with the inde-
pendent 
research 
organization 
de-
scribed in subclause (I) to evaluate the 
outcomes and impact of the project. 
(III) IMPACT.—The evaluation de-
scribed in subclause (I) shall include 
an examination of the demographic 
characteristics of the individuals par-
ticipating in the pilot project, such as 
gender, race, age, geographic location, 
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and family makeup, and how the im-
pacts of the project vary among dif-
ferent demographic groups and the ef-
fects of the pilot program on retirement 
savings for eligible individuals. 
(IV) PROGRAM
FEATURES.—The 
program features to be evaluated 
through the pilot projects conducted 
under this section may include— 
(aa) different levels of match-
ing contributions by qualified en-
tities; 
(bb) lock-out periods during 
which an eligible individual may 
not make withdrawals from their 
account; and 
(cc) 
educational 
materials 
intended to promote savings. 
(V) SAFEGUARDING
PRIVACY.— 
Any contract entered into under this 
clause shall require the selected inde-
pendent research organization to take 
all necessary and proper precautions to 
protect eligible individuals’ privacy 
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and personally identifiable informa-
tion when conducting the evaluation. 
(C) DURATION.—A pilot project shall be for 
a duration of not more than 3 years. 
(D) FEDERALLY FUNDED BENEFITS.—Any 
amounts described in subparagraph (B)(i) which 
are distributed to an eligible individual shall be 
treated in the same manner as any refund made 
to such taxpayer under section 32 of the Internal 
Revenue Code of 1986 for purposes of deter-
mining the eligibility of such taxpayer for bene-
fits or assistance, or the amount or extent of ben-
efits or assistance, under any Federal program 
or under any State or local program financed in 
whole or in part with Federal funds. 
(3) STRATEGIC
COMMUNICATIONS
PLAN.—The 
Secretary shall devise a strategic communications 
plan to ensure a successful pilot program. 
(4) ANNUAL REPORT TO CONGRESS.—The Sec-
retary shall submit an annual report to Congress on 
the progress and outcomes of the pilot program estab-
lished under this section. 
(5) DEFINITIONS.—In this subsection: 
(A) ELIGIBLE INDIVIDUAL.—The term ‘‘eli-
gible individual’’ means an individual who— 
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(i) has deferred payment of the amount 
described in subsection (a)(1) under the Re-
fund to Rainy Day Savings Program estab-
lished in such subsection, and 
(ii) meets the eligibility requirements 
under section 408 of the Assets for Inde-
pendence Act, except that subsection (a)(2) 
of such section shall not apply. 
(B) QUALIFIED ENTITY.— 
(i) IN GENERAL.—The term ‘‘qualified 
entity’’ means— 
(I) one or more not-for-profit or-
ganizations 
described 
in 
section 
501(c)(3) of the Internal Revenue Code 
of 1986 and exempt from taxation 
under section 501(a) of such Code; 
(II) a State or local government 
agency, or a tribal government, sub-
mitting an application to conduct a 
pilot project jointly with an organiza-
tion described in subclause (I); 
(III) a site that offers free tax 
help 
to 
individuals 
who 
qualify 
through the Internal Revenue Service’s 
Voluntary Income Tax Assistance or 
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Tax Counseling for the Elderly pro-
grams; or 
(IV) an entity that— 
(aa) is— 
(AA) a credit union des-
ignated 
as 
a 
low-income 
credit union by the National 
Credit Union Administra-
tion; or 
(BB) an organization 
designated as a community 
development financial insti-
tution by the Secretary of the 
Treasury (or the Community 
Development Financial Insti-
tutions Fund); and 
(bb) can demonstrate a col-
laborative relationship with a 
local community-based organiza-
tion whose activities are designed 
to address poverty in the commu-
nity and the needs of community 
members for economic independ-
ence and stability. 
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(V) RULE
OF
CONSTRUCTION.— 
Nothing in this paragraph shall be 
construed as preventing an organiza-
tion described in clause (i)(I) from col-
laborating with a financial institution 
or for-profit community development 
corporation to carry out the purposes 
of this section. 
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Union Calendar No. 471 
117TH CONGRESS 
2D SESSION 
H. R. 7310 
[Report No. 117–557, Part I] 
A BILL 
To protect America’s retirement security, and for 
other purposes. 
DECEMBER 20, 2022 
Committee on Ways and Means discharged; committed to 
the Committee of the Whole House on the State of the 
Union and ordered to be printed 
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