The Senate Finance Committee is working to schedule a markup of bipartisan retirement legislation on June 23, Sen. Ben Cardin (D-MD) told Bloomberg Tax this week.
“That’s the target date,” Cardin said. “It is a comprehensive bill. The scheduling is always a challenge. I hope we can hold to the schedule.”
The Senate Finance Committee is working on its own legislative sequel to the SECURE Act, a broad package of retirement savings incentives enacted in 2019. Senate Health Education Labor & Pensions Committee Chair Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC) released a discussion draft in May that would allow employers to offer pension-linked emergency savings accounts and allow retirement plans used by nonprofit organizations to participate in multiple employer and pooled employer plans, among other provisions.
In March, the House overwhelmingly passed its own retirement savings legislation. The “Securing a Strong Retirement Act of 2022” or “SECURE Act 2.0,” builds on the 2019 SECURE Act by further incentivizing Americans to save for their retirements.
Differences between the Senate and House bills would need to be worked out in conference committee, but lawmakers are optimistic about getting a bill through Congress this year.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.