This bill, titled the "Pensions for All Act," mandates that every employer must either provide a covered retirement program with benefits comparable to the Federal Employees Retirement System (FERS) or elect for their employees to participate directly in FERS. Similarly, self-employed individuals are required to enroll in a comparable retirement program or participate in FERS. Employers and self-employed individuals are granted the flexibility to switch between these options at least annually, as determined by the Secretary of Labor. To facilitate this, the bill amends Title 5 of the U.S. Code to expand FERS eligibility to include covered non-Federal employees and covered self-employed individuals . These new participants will contribute to FERS, with their employers (or themselves, if self-employed) also making contributions, mirroring the existing federal employee structure. The bill also integrates these new participants into the Thrift Savings Plan (TSP) , allowing for employee and employer contributions to this defined contribution plan. To ease the transition, the legislation introduces a new tax credit for small employers and self-employed individuals on their pension contributions. This credit provides a 50% reduction in contributions, with a tiered structure that phases out for larger entities or higher-income self-employed individuals. Conversely, the bill establishes significant penalties for non-compliance, imposing a daily tax of $10 per employee or self-employed individual for failures to provide a required retirement program or make necessary contributions. The bill includes limitations on these penalties, such as waivers for reasonable cause and an overall annual cap of $500,000 for unintentional failures. Crucially, it prohibits employers from reducing any form of existing compensation for employees due to the new retirement program requirements. The provisions related to tax credits and penalties will apply to contributions made and plan years beginning after specific dates, generally after December 31, 2025.