118th Congress, 2nd Session

RFIs

Legislative Proposals

National Savings Proposals

  • To view side-by-side comparison of provisions of the Hickenlooper and Neal universal access bills, click here (login required).

Other Reform Proposals

Legislative Proposals

Expanding Access to Capital Act of 2023

HOUSE BILL

Introduced as H.R.2799 by Representative Patrick McHenry (R-NC) on April 24, 2023 and passed the House on March 8, 2024. This bill seeks to make reforms to the capital markets of the United States. It allows 403(b)s to invest in collective investment trusts, among other provisions.

Source: Congress.gov.

The Automatic IRA Act of 2024

HOUSE BILL

Introduced as H.R.7293 by Representative Richard Neal (D-MA) on February 7, 2024.

This bill seeks to establish a federal auto-IRA for employers with more than 10 employers that do not currently sponsor a retirement plan. This bill would require employees be automatically enrolled in an IRA or some other qualified plan such as a 401(k).

Source: Bill summary here.

The 401Kids Savings Act of 2024

SENATE BILL

Introduced as S 3716 by Senator Robert Casey (D-PA) on January 31, 2024.

This bill seeks to establish a children’s savings account (CSAs) for every single child in the United States.  Funds from accounts could be used for post-secondary education, starting a business, buying a house, or retirement security.

Source: Congress.gov.

HOUSE BILL

Introduced as H.R.7162 by Representative Don Beyer (D-VA) on January 31, 2024.

This bill seeks to establish a children’s savings account (CSAs) for every single child in the United States.  Funds from accounts could be used for post-secondary education, starting a business, buying a house, or retirement security.

Source: Congress.gov.

The Retirement Investment in Small Employers (RISE) Act of 2024

SENATE BILL

Introduced as S. 4398 by Senators Margaret Hassan (D-NH) and Ted Budd (R-NC) on May 23, 2024.

This bill would increase the minimum tax credit from a threshold of $500 to $2,500 for small businesses with less than 10 employees to help them cover the costs of establishing a pension plan for their workers.

Source: National Association of Plan Advisors.org & Congress.gov.

Safeguarding Investment Options for Retirement

HOUSE BILL

Introduced as H.R.7780 by Representative Gregory Murphy (R-NC) on March 21, 2024.

This bill seeks to ensure that retirement plans make investment decisions on the basis of financial risk and returns rather than any other factors. Through doing so, this bill hopes to reduce political influence in retirement investing.

Source: Congress.gov.