1. Short title This Act may be cited as the Saving for the Future Act . 2. Findings Congress finds as follows: (1) Three out of 10 private-sector workers lack access to any workplace retirement plan, according to a Bureau of Labor Statistics report in March 2018. (2) A retirement study conducted by the Government Accountability Office found that 52 percent of households age 55-and-older have no retirement savings in a defined contribution plan or individual retirement account, and nearly 30 percent of households age 55-and-older have no retirement savings and no defined benefit plan. (3) A 2015 report on the economic well-being of United States households conducted by the Federal Reserve found that 31 percent of non-retirees reportedly have no retirement savings or pension whatsoever , and that nearly one-half of non-retirees with self-directed retirement accounts are either not confident or slightly confident in their ability to make the right investment decisions when investing in such accounts. 3. Universal personal savings (a) In general Subtitle B of title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1021 et seq.) is amended by adding at the end the following: 8 Universal Personal Savings 801. Definitions For purposes of this part: (1) Applicable employer The term applicable employer means an employer— (A) with at least 10 full-time equivalent employees