Wyden Releases Outline of Bill to Bolster Retirement Savings

Washington, D.C. –Senate Finance Committee Chair Ron Wyden, D-Ore., today released the following statement in conjunction with a section-by-section summary of the bipartisan Enhancing American Retirement Now (EARN) Act:

“The Finance Committee has worked in a bipartisan way to make important improvements to the retirement system, building on our success in 2020. Our framework includes policies put forward by many members of our committee, and I appreciate the collaboration of Senators Crapo, Portman, and Cardin in crafting this package.

“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.

“We expect to consider this bill in the Finance Committee next week and I look forward to continuing to work my colleagues to move this bill to passage.”

A section-by-section summary of the EARN Act is here.

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