USA Retirement Funds Act

[AI summary unavailable — showing source text] USA Retirement Funds Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require employers who do not already offer specified retirement plans to provide tax-exempt retirement funds (USA Retirement Fund arrangements) to their employees. The bill includes exemptions for certain small or new employers, governments, and churches. Employees may elect to contribute to the funds using payroll deductions (or other periodic direct deposits) or to receive payments directly in cash. Unless employees opt out of a fund or elect a different contribution amount, they are automatically enrolled to make contributions that begin with 3% of annual compensation in 2019 and eventually increase to 6% after 2021. The Department of Labor must review and select retirement plans that qualify for the funds. The bill establishes a board of trustees to administer the funds and a commission to advise Labor regarding the funds. An employee may not contribute more than $15,000 per year to a fund. Employers may contribute up to $5,000 per year on behalf of an employee. The limits must be adjusted annually for inflation. The funds must pay benefits to employees in the form of an ann…