A bill aimed at boosting retirement savings has been introduced by top U.S. Senate Finance Committee members. Senators Ron Wyden (D-OR) and Mike Crapo (R-ID) have added new text to a previous proposal, known as the Enhancing American Retirement Now (EARN) Act. Among other things, the $40 billion bill would encourage small businesses to adopt retirement plans; make plan participation easier for part-time workers; expand the Saver’s Credit and allow penalty-free withdrawals during emergencies. The bill and another retirement savings bill must now be reconciled with the SECURE Act 2.0 bill already approved by the House. Lawmakers are optimistic they will act on a retirement bill this year.
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