The Senate Finance Committee intends to mark up on June 22 the Enhancing American Retirement Now (EARN) Act, a bill that will be included in the Senate’s version of SECURE Act 2.0.
The Senate Health, Education, Labor and 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 and Shine” Act (S. 4353). The committee measure is expected to be combined with one from the Finance Committee into a single Senate bill. It would then have to be reconciled with the House-passed Secure Act 2.0 legislation before a final version could be voted on by both chambers and sent to President Joe Biden to sign.
The bill to be considered by the Health, Education, Labor and Pensions (HELP) panel includes an increase to 75 of the age for the required starting date for mandatory distributions; a matching-payments credit that would be 50% of an IRA or retirement plan contribution, up to $2,000 per individual; withdrawals for certain emergency expenses; automatic portability transactions; a higher catch-up limit at age 60; and penalty-free withdrawals for victims of domestic abuse.
Lawmakers expressed hope that the full Senate can move to a vote by the end of this week. Congress on June 27 begins a two-week recess for the July Fourth holiday.
“Coming on the heels of the Senate HELP Committee approval of the Rise and 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.
Get all the latest tax, accounting, audit, and corporate finance news with Checkpoint Edge. Sign up for a free 7-day trial today.