Retirement Savings for Americans Act of 2023

This bill establishes the American Worker Retirement Plan, a new retirement savings program for workers, including a government match tax credit. It creates a fund, an investment board, and rules for contributions, distributions, and account management, aiming to improve financial security for working Americans.

Sec. 2, Definitions: Defines key terms used in the bill, such as 'account,' 'Board,' 'business,' 'earnings,' 'Executive Director,' and 'existing retirement plan,' which includes various retirement plans like those under the Internal Revenue Code and the Thrift Savings Plan.

Sec. 3, Relationship to Social Security: States that funds from the American Worker Retirement Fund are in addition to Social Security benefits, not a replacement.

Sec. 4, Government benefits: Specifies that funds in an individual's account and any contributions made by the participant or the Secretary of the Treasury will not be considered when determining eligibility for federal public assistance benefits.

Title I, The American Worker Retirement Plan: Establishes the American Worker Retirement Fund in the U.S. Treasury, funded by participant contributions and government match tax credits, plus investment earnings. It outlines eligibility for qualifying workers, an enrollment process through employers, contribution limits (including catch-up and tax refund contributions), distribution options for former participants (annuity, single payment, etc.), account management, tax treatment similar to the Thrift Savings Plan, and spousal protections and survivor rights.

Title II, The American Worker Retirement Plan Investment Management System: Creates the American Worker Retirement Investment Board with five members appointed by the President and confirmed by the Senate, who have financial expertise. It also establishes an Advisory Council with seven members experienced in investment management, small business, and advising low-income workers. The Board appoints an Executive Director to manage the fund and administer the Act. The Board sets investment policies for prudent, low-cost investments and selects asset managers, with limits on contract size and duration. It includes administrative provisions, fiduciary responsibilities, bonding requirements, investigative authority, and rules against exculpatory provisions, allowing for insurance purchase.

Title III, Government Match Tax Credit: Amends the Internal Revenue Code to create a new tax credit for eligible individuals. The credit equals 1% of gross income plus a percentage of contributions to the American Worker Retirement Fund: 100% of contributions up to 3% of income, 50% of contributions between 3% and 5% of income, and 0% above 5%. The total credit is capped at 5% of gross income.