119 S3333 RS: Emergency Savings Enhancement Act of 2025
U.S. Senate
2025-12-03
text/xml
EN
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1.This Act may be cited as the Emergency Savings Enhancement Act of 2025
.2.Amendments to the Employee Retirement Income Security Act of 1974Section 801 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1193) is amended—(1)by striking subsection (b) and inserting the following:(b)For purposes of this part, the term eligible participant, with regard to an individual account plan, means an individual who meets any age, service, and other eligibility requirements of the plan.; and(2)in subsection (d)—(A)in paragraph (1)(A)(i), by striking $2,500
and inserting $5,000
; and(B)in paragraph (3)(A)—(i)in clause (vii), by adding and
at the end;(ii)in clause (viii), by striking ; and
and inserting a period; and(iii)by striking clause (ix).3.Amendments to the Internal Revenue Code of 1986(a)Paragraph (2) of section 402A(e) of the Internal Revenue Code of 1986 is amended to read as follows:(2)For purposes of this subsection, the term eligible participant
, with regard to a defined contribution plan, means an individual, without regard to whether the individual is otherwise a participant in such plan, who meets any age, service, and other eligibility requirements of the plan..(b)Clause (i) of section 402A(e)(3)(A) of the Internal Revenue Code of 1986 is amended by striking $2,500
and inserting $5,000
.(c)Subparagraph (A) of section 402A(e)(5) of the Internal Revenue Code of 1986 is amended by adding and
at the end of clause (vii), by striking ; and
at the end of clause (viii) and inserting a period, and by striking clause (ix).4.The amendments made by sections 2 and 3 shall apply to taxable years beginning after December 31, 2026.1.This Act may be cited as the Emergency Savings Enhancement Act of 2025
.2.Amendments to the Employee Retirement Income Security Act of 1974Section 801 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1193) is amended—(1)by striking subsection (b) and inserting the following:(b)For purposes of this part, the term eligible participant, with regard to an individual account plan, means an individual who meets any age, service, and other eligibility requirements of the plan.; and(2)in subsection (d)—(A)in paragraph (1)(A)(i), by striking $2,500
and inserting $5,000
; and(B)in paragraph (3)(A)—(i)in clause (vii), by adding and
at the end;(ii)in clause (viii), by striking ; and
and inserting a period; and(iii)by striking clause (ix).3.Amendments to the Internal Revenue Code of 1986(a)Paragraph (2) of section 402A(e) of the Internal Revenue Code of 1986 is amended to read as follows:(2)For purposes of this subsection, the term eligible participant
, with regard to a defined contribution plan, means an individual, without regard to whether the individual is otherwise a participant in such plan, who meets any age, service, and other eligibility requirements of the plan..(b)Clause (i) of section 402A(e)(3)(A) of the Internal Revenue Code of 1986 is amended by striking $2,500
and inserting $5,000
.(c)Subparagraph (A) of section 402A(e)(5) of the Internal Revenue Code of 1986 is amended by adding and
at the end of clause (vii), by striking ; and
at the end of clause (viii) and inserting a period, and by striking clause (ix).4.The amendments made by sections 2 and 3 shall apply to taxable years beginning after December 31, 2026.5.Appropriations for the Employee Ownership Initiative grant programSection 346 of the SECURE 2.0 Act of 2022 (29 U.S.C. 3228) is amended—(1)in subsection (d)(6), by adding at the end the following:(F)For fiscal years 2030 through 2035, the amount described in this paragraph for the previous fiscal year adjusted by the percent increase in the consumer price index for all urban consumers for the most recent 12-month period for which applicable data is available.; and(2)by striking subsection (g) and inserting the following:(g)(1)Except as provided in paragraph (4), the Secretary may make grants under subsection (d) in a fiscal year using amounts appropriated under paragraphs (2) and (3) for that fiscal year.(2)In addition to amounts appropriated under paragraph (3), there is authorized to be appropriated, for use as described in paragraph (1), not more than the following:(A)For fiscal year 2025, $4,000,000.(B)For fiscal year 2026, $7,000,000.(C)For fiscal year 2027, $10,000,000.(D)For fiscal year 2028, $13,000,000.(E)For fiscal year 2029, $16,000,000(F)For fiscal year 2033, $20,000,000.(G)For fiscal year 2034, $21,000,000.(H)For fiscal year 2035, $22,000,000.(3)There is appropriated, out of any money in the Treasury not otherwise appropriated, for use as described in paragraph (1) the following:(A)For fiscal year 2027, $8,000,000.(B)For fiscal year 2028, $10,000,000.(C)For fiscal year 2029, $12,000,000.(D)For fiscal year 2030, $14,000,000.(E)For fiscal year 2031, $16,000,000.(F)For fiscal year 2032, $18,000,000.(4)(A)Of the amounts appropriated under paragraphs (2) and (3) for a fiscal year, the Secretary may reserve not more than 5 percent of such amounts for the administrative expenses related to the Initiative, including administration of the grant program under subsection (d).(B)Amounts reserve under subparagraph (A) may be used for—(i)planning, oversight, and management of such grant program;(ii)monitoring of activities carried out under this section;(iii)personnel, training, and other administrative costs directly related to carrying out this section; and(iv)such other administrative activities as the Secretary determines appropriate to carry out the purposes of this section..August 5, 2026Reported with an amendment