I 
118TH CONGRESS 
1ST SESSION H. R. 6065 
To establish the American Worker Retirement Plan, improve the financial 
security of working Americans by facilitating the accumulation of wealth, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 25, 2023 
Mr. SMUCKER (for himself, Ms. SEWELL, Mrs. MILLER of West Virginia, Ms. 
DELBENE, and Mr. SMITH of Nebraska) introduced the following bill; 
which was referred to the Committee on Education and the Workforce, 
and in addition to the Committee on Ways and Means, for a period to 
be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To establish the American Worker Retirement Plan, improve 
the financial security of working Americans by facili-
tating the accumulation of wealth, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Retirement Savings for Americans Act of 2023’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
Sec. 3. Relationship to Social Security. 
Sec. 4. Government benefits. 
TITLE I—THE AMERICAN WORKER RETIREMENT PLAN 
Sec. 101. The American Worker Retirement Fund. 
Sec. 102. Investment of American Worker Retirement Fund. 
Sec. 103. Eligibility. 
Sec. 104. Enrollment. 
Sec. 105. Contributions. 
Sec. 106. Distributions. 
Sec. 107. Accounts. 
Sec. 108. Tax treatment. 
Sec. 109. Spousal protections; survivor rights. 
TITLE II—THE AMERICAN WORKER RETIREMENT PLAN 
INVESTMENT MANAGEMENT SYSTEM 
Sec. 201. The American Worker Retirement Investment Board. 
Sec. 202. The American Worker Retirement Plan Advisory Council. 
Sec. 203. Executive Director. 
Sec. 204. Investment policies and selection of asset managers. 
Sec. 205. Administrative provisions. 
Sec. 206. Fiduciary responsibilities; liability and penalties. 
Sec. 207. Bonding. 
Sec. 208. Investigative authority. 
Sec. 209. Exculpatory provisions; insurance. 
Sec. 210. Subpoena authority. 
TITLE III—GOVERNMENT MATCH TAX CREDIT 
Sec. 301. Government Match Tax Credit. 
SEC. 2. DEFINITIONS. 
As used in this Act, except as otherwise provided: 
(1) ACCOUNT.—The term ‘‘account’’ means an 
account established and maintained under section 
107. 
(2) BOARD.—The term ‘‘Board’’ means the 
American Worker Retirement Investment Board es-
tablished under section 201. 
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(3) BUSINESS.—The term ‘‘business’’ means 
any entity, including any sole proprietor, partner-
ship, limited liability company, or corporation, that 
engages in interstate commerce. 
(4) EARNINGS.—The term ‘‘earnings’’, when 
used with respect to the Fund, means the amount 
of the gain realized or yield received from the invest-
ment of sums in such Fund. 
(5) EXECUTIVE DIRECTOR.—The term ‘‘Execu-
tive Director’’ means the Executive Director ap-
pointed under section 203. 
(6) EXISTING RETIREMENT PLAN.—The term 
‘‘existing retirement plan’’ means— 
(A) an eligible retirement plan, as defined 
in section 402(c)(8)(B) of the Internal Revenue 
Code of 1986, including any defined benefit 
plan; 
(B) the Thrift Savings Plan established 
under subchapter III of chapter 84 of title 5, 
United States Code; and 
(C) any other tax deferred employee retire-
ment plan determined by the Secretary of the 
Treasury to be consistent with the purposes of 
this Act. 
(7) FORMER PARTICIPANT.— 
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(A) IN GENERAL.—The term ‘‘former par-
ticipant’’ means a participant who has an ac-
count with the Fund and is no longer a quali-
fying worker. 
(B) INDIVIDUALS BECOMING QUALIFYING 
WORKERS AGAIN.—Such term shall not include 
an individual who (without regard to this sub-
paragraph) is a former participant but who sub-
sequently becomes a qualifying worker and en-
rolls again under section 104(a) to participate 
in the Fund. This subparagraph shall apply 
until such individual is no longer a qualifying 
worker. 
(8) FUND.—The term ‘‘Fund’’ means the 
American Worker Retirement Fund established 
under section 101(a). 
(9) INVESTMENT
ADVISORY
COUNCIL.—The 
term ‘‘Investment Advisory Council’’ means the 
council established under section 202. 
(10) LOSS.—The term ‘‘loss’’, as used with re-
spect to the Fund, includes the amount of any loss 
resulting from the investment of sums in such Fund, 
or from the breach of any responsibility, duty, or ob-
ligation under section 206. 
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(11) NET
EARNINGS.—The term ‘‘net earn-
ings’’ means the excess of earnings over losses. 
(12) NET
LOSSES.—The term ‘‘net losses’’ 
means the excess of losses over earnings. 
(13) PARTICIPANT.—The term ‘‘participant’’ 
means any qualifying worker who is enrolled to par-
ticipate in the Fund under section 104(a) and has 
not opted out of participation under section 
104(b)(3). 
(14) PARTICIPATING
EMPLOYER.—The term 
‘‘participating employer’’ means any business that— 
(A) employs a qualifying worker; or 
(B) contracts with an independent con-
tractor who is a qualifying worker and opts to 
enroll such independent contractor to partici-
pate in the Fund under section 104(a)(2). 
(15) QUALIFYING WORKER.—The term ‘‘quali-
fying worker’’ means— 
(A) an employee who— 
(i) is employed by a business that has 
not established an existing retirement plan 
and does not provide an individual retire-
ment 
plan 
(as 
defined 
in 
section 
7701(a)(37) of the Internal Revenue Code 
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of 1986) with an automatic enrollment 
payroll deduction arrangement; or 
(ii) is not eligible to participate in any 
such plan or arrangement established by 
the business that employs the employee; or 
(B) an independent contractor who— 
(i) is self-employed; and 
(ii) has not established an existing re-
tirement plan, and does not have an indi-
vidual retirement plan (as defined in sec-
tion 7701(a)(37) of the Internal Revenue 
Code of 1986) with an automatic enroll-
ment payroll deduction arrangement. 
SEC. 3. RELATIONSHIP TO SOCIAL SECURITY. 
Except as otherwise provided in this Act, the funds 
payable under the Fund to participants and former par-
ticipants are in addition to the benefits payable under the 
Social Security Act (42 U.S.C. 301 et seq.). 
SEC. 4. GOVERNMENT BENEFITS. 
The funds owned by an individual in an account and 
any contribution made to such funds by a participant or 
the Secretary of the Treasury shall not be taken into con-
sideration when determining the individual’s eligibility for 
any Federal public assistance benefit. 
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TITLE I—THE AMERICAN 
WORKER RETIREMENT PLAN 
SEC. 101. THE AMERICAN WORKER RETIREMENT FUND. 
(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States the American Worker Re-
tirement Fund. 
(b) PURPOSES.—The Fund shall consist of the sum 
of all amounts contributed under sections 105 and 301, 
increased by the total net earnings from investments of 
the sums in the Fund or reduced by the total net losses 
from investments of the Fund, and reduced by the total 
amount of payments made from the Fund (including pay-
ments for administrative expenses under subsection (e)). 
(c) INVESTMENT.—The sums in the Fund shall re-
main available without fiscal year limitation— 
(1) to invest pursuant to section 102; 
(2) to pay the administrative expenses of the 
Fund under subsection (e); 
(3) to make distributions as provided in section 
106; 
(4) to make loans as authorized under section 
106(h); and 
(5) to purchase insurance as provided in section 
209. 
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(d) ACCOUNTS.—Each participant shall have an ac-
count with the Fund. Amounts contributed by a partici-
pant under section 105 and by the Secretary of the Treas-
ury under section 25F of the Internal Revenue Code of 
1986 shall be deposited in the Fund and credited to the 
participant’s account in accordance with such procedures 
as the Secretary of the Treasury may, in consultation with 
the Executive Director, prescribe in regulation. 
(e) ADMINISTRATIVE
EXPENSES.—Administrative 
expenses (including expenses related to financial literacy 
requirements under section 201(f)(5)) incurred to carry 
out this Act shall be paid out of the net earnings of the 
Fund, including earnings attributed to returned credit 
amounts under section 25F(h) of the Internal Revenue 
Code of 1986. 
(f) EXCLUSIVE BENEFIT.— 
(1) IN GENERAL.—Subject to paragraphs (2) 
and (3) and subsection (e), sums in the Fund cred-
ited to the accounts of a participant or former par-
ticipant may not be used for, or diverted to, pur-
poses other than for the exclusive benefit of the par-
ticipant or former participant, or a beneficiary there-
of, except as otherwise provided by law. 
(2) ASSIGNMENT.—Except as provided in para-
graph (3), sums in the Fund may not be assigned 
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or alienated and are not subject to execution, levy, 
attachment, garnishment, or other legal process. For 
purposes of this paragraph, a loan made from the 
Fund to a participant shall not be considered to be 
an assignment or alienation. 
(3) LEGAL OBLIGATIONS.—Moneys due or pay-
able from the Fund to any individual and, in the 
case of an individual who is a participant or former 
participant, the balance in the account of the partici-
pant or former participant shall be subject to— 
(A) legal process for the enforcement of 
the individual’s legal obligation to provide child 
support or make alimony payments as provided 
in section 459 of the Social Security Act (42 
U.S.C. 659); 
(B) an obligation of the Executive Director 
to make a payment to another person under 
section 109; and 
(C) any Federal tax levy under section 
6331 of the Internal Revenue Code of 1986. 
For the purposes of this paragraph, an amount con-
tributed for the benefit of a participant or former 
participant under section 25F of the Internal Rev-
enue Code of 1986 (including any earnings attrib-
utable thereto) shall be considered part of the bal-
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