Legislative updates

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.

Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.

Representative Blake Moore (R-UT) along with five other Congressmen have introduced the Health Out-of-Pocket Expense (HOPE) Act, to enable more Americans with most types of insurance coverage to save for health care costs with individual and employer contributions.

Representatives Brittany Pettersen (D-CO) and Congressman Tim Walberg (R-MI) introduced the Helping Young Americans Save for Retirement Act to help more Americans ages 18 to 20 years old access employer-sponsored retirement plans.

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act.

Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.

Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.

Senator Eric Schmitt (R-MO), along with five Republican co-sponsors and six Democratic co-sponsors, have introduced S. 4539, the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.

The Department of Treasury has issued a request for information from the financial services sector on potential opportunities and risks related to the use of Artificial Intelligence.

Senators Maggie Hassan (D-NH) and Tedd Budd (R-NC) have introduced S. 4398, the Retirement Investment in Small Employers (RISE) Act.