Commentary June 18, 2022 at 07:44 AM Share & Print
What You Need to Know
- The Senate Finance Committee plans to consider on Wednesday the Enhancing American Retirement Now (EARN) Act.
- The Earn Act will be combined with the Senate HELP Committee’s Rise & Shine Act.
The Senate Finance Committee plans to consider on Wednesday the Enhancing American Retirement Now (EARN) Act, legislation that’s intended to be included in the Senate’s version of Secure Act 2.0.
The Senate Health, Education, Labor & Pensions Committee passed by voice vote on June 14 the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg, or Rise & Shine Act.
The bills from the HELP Committee and Finance Committee will be combined to make up the Senate’s Secure Act 2.0 package.
The Senate bill will be reconciled with the House-passed Secure Act 2.0 legislation, which passed in March, before a final bill gets voted on by both chambers.
“Coming on the heels of the Senate HELP Committee approval of the Rise & Shine Act, this next step demonstrates powerful momentum behind putting a comprehensive retirement security measure on President Biden’s desk this year,” the Insured Retirement Institute said in a statement late Friday.
Besides boosting the required minimum distribution age from 72 to 75, the Senate Finance bill includes measures on automatic enrollment, rollovers and expands the types of contributions that may be made to a SIMPLE IRA plan or a SIMPLE 401(k) plan.