1. Short title This Act may be cited as the USA Retirement Funds Act . 2. Automatic USA Retirement Fund arrangements (a) Requirement To provide access Each covered employer shall make available to each qualifying employee for the calendar year an automatic USA Retirement Fund arrangement. (b) Covered employer For purposes of this title— (1) In general Except as otherwise provided in this subsection and subsection (c)(2), the term covered employer means, with respect to any calendar year, an employer who does not maintain a qualifying plan or arrangement for any part of such year. (2) Qualifying plan or arrangement (A) In general The term qualifying plan or arrangement means a plan or arrangement described in section 219(g)(5) of the Internal Revenue Code of 1986. (B) Exceptions Such term shall not include the following: (i) Frozen defined benefit plan A defined benefit plan that had no ongoing accruals as of the first day of the preceding calendar year, unless the plan failed to have accruals only because of the application of section 206 of the Employee Retirement Income Security Act ( 29 U.S.C. 1056 ) and section 436 of the Internal Revenue Code of 1986. (ii) Defined contribution plan without lifetime income options A defined contribution plan that does not provide participants with a distribution option that provides lifetime income. (iii) Plans not meeting contribution requirements A plan— (I) which consists of a cash or deferred arrangement (as defined in section 401(k) of such Code) with respect to which the employer does not automatically enroll all eligible employees at contribution rates at or above those specified in subsection (d)(4)