What You Need to Know
- Every American would receive an account, called a PRIA, when they receive a Social Security number.
- PRIAs would provide more workers with access to flexible, portable benefits, Warner said.
- The program is designed to supplement the existing system.
Rep. Jim Himes, D-Conn., and Sen. Mark Warner, D-Va., on Wednesday introduced the Portable Retirement and Investment Account (PRIA) Act of 2021, which would create “universal, portable” retirement and investment accounts.
“The current retirement system isn’t working for all Americans,” Himes said in a statement. “The options to which American workers have access can differ significantly based on their area of employment and the systems can be needlessly confusing. In addition, many Americans lose access to retirement savings vehicles if they lose their jobs, and gig, contract, and part-time workers are often ineligible. PRIA changes all of this.”
According to the bill, every American would receive a PRIA when they receive a Social Security number.
PRIAs would be administered by an independent board appointed by the Labor and Treasury secretaries, as well as the Pension Benefit Guaranty Corp. and the Consumer Financial Protection Bureau and managed by selected financial institutions.