Senate Bill 3218
115th Congress(2017-2018)
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2018
Introduced
Introduced in Senate on Jul 17, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3218
Congress
115
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
No Senate votes have been held for this bill.
Summary
Strengthening Financial Security Through Short-Term Savings Accounts Act of 2018
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.
July 17, 2018
07/17/2018
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
07/17/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:41:49 PM