US SB1019 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on April 3 2019 - 25% progression
Action: 2019-04-03 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019 This bill allows employers to enroll employees in short-term savings accounts that are funded using automatic contributions deducted from participating employees' wages. For each pay period, the employer must transfer to the account an amount equal to the percentage of the employee's compensation or a fixed amount, as determined by the employer. Employees may elect to adjust, stop, or pause their contributions. The balance in an account may not exceed $10,000 (adjusted annually for inflation) and must be made readily available to the employee at any time.

Tracking Information

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Title

Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019

Sponsors


History

DateChamberAction
2019-04-03SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

Subjects


US Congress State Sources


Bill Comments

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