Emergency Savings Enhancement Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Emergency Savings Enhancement Act of 2025, aims to increase the amount individuals can save in pension-linked emergency savings accounts. It modifies the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to broaden eligibility requirements and raise the maximum contribution amount. The changes are intended to encourage more Americans to build emergency savings reserves. The bill’s changes will take effect starting in 2027.
Key provisions
- Increases the maximum contribution amount to $5,000.
- Expands eligibility requirements for pension-linked emergency savings accounts.
- Broadens the definition of ‘eligible participant’ in both ERISA and the Internal Revenue Code.
- Allows individuals to contribute to emergency savings accounts even if they aren't otherwise participating in a defined contribution plan.
Who is affected
- Employees
- Pension plan participants
- Individuals with defined contribution plans
- Financial institutions offering pension plans
Notable changes
- Raises the maximum allowable contribution to $5,000.
- Expands eligibility criteria for participation in emergency savings accounts.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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