The Senate Finance Committee approved the EARN Act, which contains some provisions from the House-passed "Secure 2.0" Differences between the Senate and House versions still need to be worked out before legislation could clear Congress and be signed into law by the president. Another Senate committee last week approved a separate bill that, in conjunction with the EARn Act, form the Senate's version of Secure 2. 0.

The Senate Finance Committee unanimously approved a series of proposals that make full congressional passage of a retirement-improvement package more likely this year. The measure, called the Enhancing American Retirement Now Act, contains some provisions that are the same as or similar to those proposed in the House.

"Secure 2.0" bill is intended to build upon the original Secure Act of 2019. The EARN Act "includes more than 70 proposals aimed at helping more Americans save," Wyden says. The bill was passed in late March in a bipartisan 414-5 vote.

Many provisions on the Senate side are the same as what cleared the House. Other similarities include allowing older workers to save more through so-called catchup contributions to their 401(k) The differences between the two chambers' proposals would need to be worked out before full congressional approval could occur.
Posted by
Tap to copy the Short Url to this post: 
One-Stop Business News. Free to Use →