Wyden, Crapo Introduce Bill to Bolster Retirement Savings

Washington, D.C. – Senate Finance Committee Chair and Ranking Member, Senator Ron Wyden, D-Ore., and Senator Mike Crapo, R-Idaho, today introduced the bipartisan Enhancing American Retirement Now (EARN) Act to bolster retirement savings.

These proposals were considered by the Finance Committee in a markup in June, and are now being introduced as legislative text.

“The Finance Committee has worked in a bipartisan way to improve the retirement system, building on our success in 2019. The EARN Act includes policies put forward by members on both sides of the aisle, and I appreciate the collaboration of Senator Crapo every step of the way,” said Wyden. “Americans deserve dignified retirements after decades of hard work, and our bill is an important step forward. In particular, I’m proud that we are making significant progress for millions of low- and middle-income workers, who are far less likely to have adequate retirement savings. These workers frequently have physical, demanding jobs, and often depend solely on their Social Security income. Too often, they simply do not have resources to last through retirement. Under our reforms, many more workers would access resources for retirement and see meaningful federal retirement contributions year after year. I look forward to working with Senator Crapo and our counterparts in the House to get the EARN Act signed into law.”

“The EARN Act expands opportunities for Americans to increase their retirement savings and improves workers’ long-term financial well-being. Every member of the Finance Committee had a hand in drafting this legislation, and the broad range of ideas incorporated into the final bill is a testament to the power of bipartisanship,” said Crapo. “I worked closely with Chairman Wyden to get this bill to a place where it can be formally introduced today, and we will continue to work with our colleagues to push for its passage this year.”

The EARN Act encourages small businesses to adopt retirement plans, makes it easier for part-time workers to participate in retirement plans, expands the saver’s credit for low and middle-income workers, and allows penalty-free withdrawals during emergencies and family hardships, like natural disasters, domestic abuse, and terminal illness.

Full text of the legislation is here.

A section-by-section summary is here.

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