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Scott Peters and Norma Torres of California, the Saving for the Future Act aims to boost Americans' retirement security while also helping workers build short-term emergency funds.Under the measure, companies with 10 or more workers would have to contribute at least 50 cents per hour worked to each employee's retirement account. The minimum would rise to 60 cents after two years and then grow with wages.Workers at companies with fewer than 10 workers would instead save through federal universal personal, or UP, accounts, modeled on the government's Thrift Savings Plan. These accounts would feature low fees and allow savings to move with workers between jobs.The first $2,500 saved would go into an UP-Savings account for unexpected expenses — essentially an automated emergency fund — with additional funds directed to an UP-Retirement account. Workers would automatically contribute 4% of their pay, though they could opt out or adjust their rate up to 10%."Today's cost of living crisis means most Americans aren't able to put enough money away for retirement or protect their families from unexpected emergency costs," Peters said in a statement. "The Saving for the Future Act would help hardworking Americans build wealth through employer contribution plans. Now more than ever, retirement benefits should follow a worker as they move to new companies throughout their career. This legislation expands proven models of employer-provided savings and invests in portable benefits, so Americans can save for a more secure and prosperous future."Under the bill, a worker contributing the default 4% of their pay — and receiving only the minimum employer contribution — could accumulate about $750,000 by retirement, according to projections from Third Way, a self-described "center left" think tank based in Washington, D.C. That projection assumes the saver withdraws $800 annually from their UP-Savings account. Without any withdrawals, the balance could grow to over $910,000.Should a worker opt out of contributing to the fund, the employer's contribution by itself is projected to grow to roughly $250,000 by retirement.The Saving for the Future Act was previously introduced in Congress during the 2019-2020 session, with backing from Democratic U.S. Sens. Chris Coons and Amy Klobuchar, as well as Democratic Reps. 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