promote emergency savings accounts for American workers

An increasing number of struggling American families are raiding their 401k accounts to help pay debt and daily expenses. These families are at risk of depleting their retirement accounts before they reach retirement. Such a result would be devasting to the U.S. economy. However, families should be incentivized to create emergency savings accounts with pre-tax dollars. Similar to a 401K plan, employers could contribute a percentage of a worker's salary in an effort to encourage a worker to save for a rainy day. This would preserve 401k savings and avoid fees associated with 401k loans and defaults. Further, by using pre-tax dollars to fund emergency savings, workers would benefit by lowering their taxable income, thus providing an additional benefit to American families.