As the financial industry waits to see if Congress will act on the long-anticipated SECURE Act 2.0 before adjourning, a bipartisan group of legislators on December 8 introduced a new retirement savings bill.

The Retirement Savings for Americans Act would establish a new program that gives eligible workers access to portable, tax-advantaged retirement savings accounts. It also would offer federal matching contributions for low- and middle-income workers, with the match beginning to phase out at median income.