S.1019 - Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Jones, Doug [D-AL] (Introduced 04/03/2019)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 04/03/2019 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.1019 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/03/2019)
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.