The Senate Finance Committee advanced bipartisan retirement legislation this week, leaving lawmakers optimistic about getting a final bill through Congress this year.
Senate Finance passed the Enhancing American Retirement Now (EARN) Act by a 28-0 vote. The EARN Act builds on the SECURE Act of 2019 by incentivizing more small businesses to adopt retirement plans, making it easier for part-time workers to participate in retirement plans and providing workers and retirees the ability to save more.
“[The EARN Act] starts with the proposition that helping people save is key to an economic system that gives everybody a chance to get ahead,” said Senate Finance Committee Chairman Ron Wyden (D-OR). “Particularly for people of modest incomes and the middle class, the system on the books today isn’t doing enough to help them set money aside.”
In March, the House overwhelmingly passed its own retirement savings legislation. Last week, the Senate Health, Education, Labor and Pensions Committee also advanced legislation that would improve retirement coverage for part-time workers and improve access to emergency savings accounts.
Differences between the Senate and House bills will need to be worked out in conference committee but lawmakers say the goal is to send a final bill to President Biden by the end of the year.