US HB7556

Requires all employers to either provide employees with a retirement program comparable to the Federal Employees Retirement System (FERS) or enroll employees directly in FERS; self-employed individuals must also participate in a covered retirement program or FERS

Provides sliding-scale employer contribution subsidies: employers with annual revenue under $25 million pay only 50% of required contributions, phasing out entirely at $100 million in revenue; self-employed individuals earning under $75,000 receive similar 50% reductions

Creates a refundable tax credit (Section 36A) for small employers and self-employed individuals to offset pension contribution costs, with the credit percentage decreasing as revenue or income increases above specified thresholds

Imposes a $10 per day penalty (adjusted for inflation) on employers who fail to provide required retirement coverage, with a $500,000 annual cap for unintentional failures and waivers available for reasonable cause

Prohibits employers from reducing employee compensation to offset the costs of complying with the new retirement coverage requirements