118th Congress, 1st Session

Legislative Proposals

HR 6757 – Rollover contributions from Roth IRAs to designated Roth accounts

HOUSE BILL

Introduced as H.R.6757 by Representative Darin LaHood [R-IL] on December 13, 2023.

This bill seeks to amend the Internal Revenue Code of 1986 to permit rollover contributions from Roth IRAs to designated Roth accounts.

Source: Congress.gov, Press release here.

Helping Young Americans Save for Retirement Act

SENATE BILL

Introduced as S.3305 by Senator Bill Cassidy [R-LA] and Senator Tim Kaine [D-VA] on November 15, 2023.

This bill seeks to amend the Employee Retirement Security Act of 1974 and the Internal Revenue Code of 1986 with respect to minimum participation for pension plans and qualified trusts.

Source: Congress.gov, Press release here.

Retirement Investment in Small Employers (RISE) Act

HOUSE BILL

Introduced as H.R.6007 by Representative Claudia Tenney [R-NY-24] and Representative Dan Kildee [D-MI-8]  October 19, 2023.

This bill seeks to amend the Internal Revenue Code of 1986 to provide for a microemployer pension plan startup credit. This would ensure that micro-businesses can benefit from tax credits offered to small businesses under the SECURE 2.0 Act of 2022.

Source: Congress.gov and 401k Specialist, Press release here.

Retirement Savings for Americans Act

SENATE BILL

Introduced as S.3102 by Senator John W. Hickenlooper [D-CO] with co-sponsor Senator Thomas Tillis (R-NC) on October 19, 2023 and referred to the Senate Committee on Finance.

This bill seeks to provide full- and part-time workers without access to an employer-sponsored retirement plan with a government-sponsored automatic enrollment retirement plan. The bill will improve the financial security of working Americans while reducing income inequality.

Source: Congress.gov, Press release here.

Providing Complete Information to Retirement Investors Act

HOUSE BILL

Introduced as H.R. 5340 by Representative Jim Banks (R-IN-3) on September 5, 2023 and referred to the House Committee on Education and the Workforce. On September 26, 2023, the Committee amended the bill and placed it on the Union Calendar.

This bill seeks to amend the Employee Retirement Income Security Act of 1974 to ensure that pension plans provide notice to participants and beneficiaries on risks associated with certain investments, and for other purposes.

Source: Congress.gov, Press release here.

RETIRE Act

HOUSE BILL

Introduced as H.R. 5339 by Representative Rick W. Allen (R-GA-12) on September 5, 2023 and referred to the House Committee on Education and the Workforce. On September 26, 2023, the Committee amended the bill and placed it on the Union Calendar.

This bill seeks to amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes.

Source: Congress.gov, Press release here.

No Discrimination in My Benefits Act

HOUSE BILL

Introduced as H.R. 5338 by Representative Bob Good (R-VA-5) on September 5, 2023 and referred to the House Committee on Education and the Workforce. On September 26, 2023, the Committee amended the bill and placed it on the Union Calendar.

This bill seeks to amend the Employee Retirement Income Security Act of 1974 to establish that fiduciaries must act with prudence and loyalty when selecting service providers for pension plans.

Source: Congress.gov.

Retirement Proxy Protection Act

HOUSE BILL

Introduced as H.R. 5337 by Representative Erin Houchin (R-IN-9) on September 5, 2023 and referred to the House Committee on Education and the Workforce. On September 26, 2023, the Committee amended the bill and placed it on the Union Calendar.

This bill seeks to amend the Employee Retirement Income Security Act of 1974 to clarify the application of prudence and exclusive purpose duties to the exercise of shareholder rights.

Source: Congress.gov, Press release here.

Senior Citizens’ Freedom to Work Act

HOUSE BILL

Introduced as H.R. 5193 by Representative Gregory Murphy (R-NC-3) on August 11, 2023 and referred to the House Committee on Ways and Means.

This bill seeks to amend title II of the Social Security Act to repeal the retirement earnings test (RET), which reduces the benefits for Social Security beneficiaries that claim early retirement while continuing to work. The bill encourages senior citizens to work without fear of their retirement benefits being compromised.

Source: Congress.gov, Press release here.

Women’s Retirement Protection Act of 2023

SENATE BILL

Introduced as S. 2627 by Senator Tammy Baldwin (D-WI) on July 27, 2023 and referred to the Senate Committee on Health, Education, Labor, and Pensions.

The bill is intended to amend the Employee Retirement Income Security Act of 1974 to provide greater spousal protection under defined contribution plans. Additionally, the proposed legislation aims to increase financial literacy and to support for women with low incomes and survivors of domestic abuse seeking retirement benefits.

Source: Congress.gov, Press release here.

HOUSE BILL

Introduced as H.R. 5060 by Representative Lauren Underwood (D-IL-14) on July 27, 2023 and referred to the House Committee on Education and the Workforce, in addition to the Committees on Financial Services, and Ways and Means.

Source: Congress.gov, Press release here.

Auto Reenroll Act of 2023

SENATE BILL S. 2517

Introduced as S. 2517 by Senator Tim Kaine (D-VA) on July 26, 2023, and referred to the Senate Committee on Health, Education, Labor, and Pensions

The bill is intended to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to allow for periodic automatic reenrollment under qualified automatic contribution arrangements, and for other purposes.

Source: Congress.gov, Press release here.

SENATE BILL S. 2512

Introduced as S. 2512 by Senator Bill Cassidy, M.D. (R-LA) on July 26, 2023, read twice, and referred to the Senate Committee on Finance.

The bill is intended to amend the Internal Revenue Code of 1986 to provide a credit for re-enrollment provisions in retirement plans of small employers.

Source: Congress.gov, Press release here.

HOUSE BILL

Introduced as HR 4924 by Representative Kathy Manning (D-NC-6) on July 26, 2023, and referred to the House Committee on Ways and Means, in addition to the Committee on Education and the Workforce.

Source: Congress.gov, Press release here.

Financial Freedom Act of 2023

HOUSE BILL

Reintroduced as HR 1177 by Representative Byron Donalds (R-FL-19) on February 24, 2023, and referred to the House Committee on Education and the Workforce.

The bill aims to prohibit the Secretary of Labor from constraining the investments that can be offered to participants and beneficiaries of individual retirement accounts by amending the Employee Retirement Income Security Act of 1974.

Source: Congress.gov, Press release here.

SENATE BILL

Introduced as S.427 by Senator Tommy Tuberville (R-AL) on February 15, 2023, and referred to the Senate Committee on Health, Education, Labor, and Pensions.

Source: Congress.gov, Press release here.

Ensuring Sound Guidance Act

HOUSE BILL

Reintroduced as HR 4237 by Representative Andy Barr (R-KY) on June 21, 2023, and referred to the Committee on Financial Services, in addition to the Committee on Education and the Workforce.

The bill seeks to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 by requiring that investment advisers and ERISA retirement plan sponsors prioritize financial returns over non-pecuniary factors when making decisions regarding the investments of their clients.

Source: Congress.gov, Press release here.

SENATE BILL

Introduced as S.2282 on July 12, 2023 by Sen. Tom Cotton (R-AR) and referred to the Committee on Banking, Housing, and Urban Affairs.

Source: Congress.gov, Press release here.

The Portable Benefits for Independent Workers Pilot Program Act

SENATE BILL

Introduced as S. 1696 by Senator Mark Warner on May 18, 2023. The bill was read twice and referred to the Committee on Health, Education, Labor, and Pensions.

The bill seeks to award grants to states, local governments, or nonprofit organizations to support broad innovation and experimentation with respect to portable benefits. The bill will provide greater access to retirement-related and other employee benefits for independent workers.

Source: Congress.gov, View press release.

HOUSE BILL

Introduced as H.R. 3482 by Representative Suzan DelBene on May 18, 2023 and referred to the House Committee on Education and the Workforce.

Source: Congress.gov, View press release.

Maximize Americans’ Retirement Security Act

SENATE BILL

Introduced as S.1563 by Senator Mike Braun (R-IN) on May 11, 2023, and referred to the Senate Health, Education, Labor, and Pensions Committee.

The bill seeks to amend the Employee Retirement Income Security Act of 1974 to clarify the fiduciary duty of plan administrators to select and maintain investments based solely on pecuniary factors, and for other purposes.

Source: Congress.gov.

Lifetime Income for Employees Act

HOUSE BILL

Introduced as HR 3942 by Representative Donald Norcross on June 9, 2023, and referred to the House Committee on Education and the Workforce.

The bill is intended to amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities, and for other purposes.

Source: Congress.gov.

Expanding Access to Capital Act of 2023

HOUSE BILL

Introduced as HR 2799 by Representative Patrick McHenry on April 24, 2023, and referred to the House Committees on Financial Services and Education and the Workforce.

The bill is intended 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.

Expanded Student Saver’s Tax Credit Act

HOUSE BILL

Introduced as HR 2641 by Representative Colin Allred on April 17, 2023, and referred to the House Committee on Ways and Means.

This bill is intended to allow students to claim the tax credit for retirement savings contributions.

Source: Congress.gov.

HR 2637

HOUSE BILL

Introduced as HR 2637 by Representative George Santos on April 17, 2023, and referred to the House Committee on Ways and Means.

The bill is intended to amend the Internal Revenue Code of 1986 to waive the early withdrawal penalty on certain distributions from qualified retirement plans.

Source: Congress.gov, Press release here.

Senior Independence Act of 2023

HOUSE BILL

Introduced as HR 1783 by Representative Glenn Grothman on March 24, 2023, and referred to the House Committee on Ways and Means.

The bill is intended to amend title II of the Social Security Act to increase the monthly exempt amount for individuals not attaining full retirement age, and for other purposes.

Source: Congress.gov, Press release here.

Social Security Beneficiary Statement

SENATE BILL

Introduced as S. 664 by Senators Susan Collins (R-ME), Bill Cassidy, M.D. (R-LA), Tim Kaine (D-VA), and Chris Coons (D-DE) on March 6, 2023, and referred to the Committee on Finance.

The bill is intended to help Americans better plan for retirement and enhance retirement security by ensuring individuals have the information they need to make more informed decisions regarding when to claim Social Security Benefits.

Source: Congress.gov, Press release here.

Freedom to Invest in a Sustainable Future Act

SENATE BILL

Introduced as S.523 by Senator Tina Smith (D-MN) on February 16, 2023, and referred to the Committee on Health, Education, Labor, and Pensions.

The bill is intended to provide legal certainty to workplace retirement plans that choose to consider environmental, social, and governance (ESG) factors in their investment decisions or offer ESG investment options.

Source: Congress.gov, Press release here.

HOUSE BILL

Introduced as H.R.1119 by Rep. Suzan DelBene (D-WA) on February 21, 2023, and referred to the Committee on Education and the Workforce.

Source: Congress.gov, Press release here.