Strengthening Financial Security Through Short-Term Savings Accounts Act of 2019
- Last Action
- 4/3/2019
CRS Summary
As of 2019-04-03 (00)
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.
Subjects
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Congressional oversight
- Department of the Treasury
- Employee benefits and pensions
- Federal preemption
- Government studies and investigations
- State and local government operations
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.