Finance Committee Approves Crapo, Wyden Bill to Strengthen Retirement Savings
EARN Act will help Americans save more and save longer
Washington, D.C.--The U.S. Senate Finance Committee, under the leadership of Ranking Member Mike Crapo (R-Idaho) and Chairman Ron Wyden (D-Oregon), passed the Enhancing Americans Retirement Now (EARN) Act, expanding opportunities for Americans to increase their retirement savings and improving workers’ long-term financial well-being. The legislation builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and is based in part on the Retirement Security and Savings Act of 2021, legislation championed by Senators Rob Portman (R-Ohio) and Ben Cardin (D-Maryland). The bill was approved unanimously by the Committee, 28-0.
“The EARN Act is the product of months of bipartisan work that resulted in a bill that will increase participation in retirement plans, strengthen and encourage private retirement savings, and make it easier for employers to offer retirement plans,” said Crapo. “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. When we work together, we can create lasting and impactful work.”
The EARN Act strengthens retirement savings in a fiscally-responsible way by:
- Encouraging 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 and save longer.
The bill also makes important changes that allow flexibility for emergencies, like penalty-free withdrawals for terminally-ill patients, domestic abuse survivors and those affected by federally declared disasters.
Click here for Crapo’s opening remarks at the markup, or here to watch.
Click here for a bill section-by-section.
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