CFED

Savers Credit Alliance - Take Action

Support the Saver's Credit Expansion

The Saver’s Credit Alliance is a group of forward-thinking national organizations and corporations with one common goal—supporting an expanded Saver’s Credit that will increase the net worth and retirement security of millions of low- to moderate-income working American families.

Although Congress and the Administration have already expressed their support, we urgently need the backing of corporations and other national organizations to bring long-term financial security to millions of Americans.

The Saver’s Credit was conceived and designed to incent savings in retirement accounts for low- and moderate-income households by providing a stronger savings subsidy for working households. However, due to a design flaw, fewer than 6 million workers annually claim this credit, a substantial underutilization of the policy.

Reform measures that would benefit many of your employees, clients and fellow residents include:

  • Providing a flat 50% match on deposits into qualified retirement accounts up to $1,000/$500 per year for joint/single filer;
  • Automatically depositing this match directly into a designated account through submission of IRS Form 8888; and
  • Extending this benefit to households earning less than $65,000.

These improvements have the potential to fulfill the original intent of the saver’s credit and build the financial security of more than 50 million Americans!

An expanded Saver's Credit will build on the innovative efforts of automatic enrollment, enabling millions of Americans to receive an additional government match -- and a larger nest egg for their retirement and other eligible uses.

Alliance Membership

The recently-launched Saver's Credit Alliance is pulling together national organizations, corporations, state and local practitioners and advocate groups to advance our shared goal of Saver's Credit reform.

Click here to see a who has joined the Alliance.

Saver’s Credit Alliance Endorsement Statement

We support strengthening the Saver’s Credit to enable millions of Americans to receive an additional incentive to build their savings and enhance their financial security. We support expanding and improving the Saver’s Credit by providing a flat 50% match on deposits into qualified savings accounts up to $500/$1,000 per year for a single/joint filer; automatically depositing this match directly into a designated account through IRS Form 8888; and, extending this benefit to households earning less than $65,000.

Join the Alliance

Complete the following information to add your company or organization as a member of the Saver's Credit Alliance.

* Required information

Find Out More

For more information regarding the Saver's Credit reform and the Saver's Credit Alliance, contact Inemesit Imoh, Policy Associate at iimoh@cfed.org or (202) 207-0135.

To claim the Saver's Credit, file IRS Form 8880.

To stay informed on related Federal Policy Priorities, visit www.cfed.org/advocacy or sign up to receive policy updates.

For more information about automatic enrollment, visit www.retirementmadesimpler.org

Click here to see Saver's Credit claim rates by state.

About |  Programs |  Policy |  Knowledge Center |  Newsroom  | Contact CFED