Creates a new federal retirement program called the American Worker Retirement Fund that is housed in the U.S. Treasury, automatically enrolls eligible workers (with an opt-out), and allows contributions, transfers, loans, and withdrawals under set rules. It also establishes an independent investment board and management structure to run the Fund and adds a new Government Match Tax Credit that provides a refundable credit equal to 1% of gross income plus a matching government contribution to participants’ accounts, with income-based limits and phaseouts starting for tax years after December 31, 2024.

The legislation protects Fund assets from counting against Federal public assistance eligibility for people under 65, makes Fund payments supplemental to Social Security, creates employer obligations and penalties for noncompliance, and sets fiduciary, audit, and enforcement authorities for Fund governance and investment management.