S 3716
401Kids Savings Account Act of 2024
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Bill overview
The 401Kids Savings Account Act of 2024 creates a program allowing states to establish ‘401Kids Savings Accounts’ for eligible children, starting at birth or naturalization. The federal government will also establish a similar program, the ‘Federal 401Kids Account Program,’ to support states without such programs. The act sets contribution limits, allows for matching federal contributions, and provides mechanisms for account consolidation and movement between states. It also addresses distribution rules and aims to improve access for individuals with limited financial resources.
Sponsors
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Primary sponsor
Robert P., Jr. Casey
Cosponsors
Debbie Stabenow
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