119th Congress, 1st Session

Hearings

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Legislative Proposals

National Savings Proposals

  • To view federal legislation proposing national savings solutions, see prior sessions.
  • To view side-by-side comparison of provisions of the Hickenlooper and Neal universal access bills from prior year, click here (login required).

Other Reform Proposals

Legislative Proposals

The Retirement Fairness for Charities and Education Institutions Act

SENATE BILL

Introduced as S. 424 by Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA) and Gary Peters (D-MI) on February 6, 2025.

This bill would allow 403(b) plans to include collective investment trusts and insurance contracts as part of their investment options, in addition to the 401(k) plans that currently offer these investment options.

Source: Congress.gov

HOUSE BILL

Introduced as H.R. 1013 by Representatives Frank Lucas (R-OK), Bill Foster (D-IL) and Andy Barr (R-KY) on February 5, 2025.

This bill would allow 403(b) plans to include collective investment trusts and insurance contracts as part of their investment options, in addition to the 401(k) plans that currently offer these investment options.

Source: Congress.gov

Social Security Fairness Act of 2023

Introduced as H.R. 82 by Representative Garret Graves (R-LA) on January 9, 2023 and passed into law on January 5, 2025.

  1. This bill repeals provisions that reduce Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government.
  2. The bill eliminates the government pension offset, which in various instances reduces Social Security benefits for spouses, widows, and widowers who also receive government pensions of their own.
  3. The bill also eliminates the windfall elimination provision, which in some instances reduces Social Security benefits for individuals who also receive a pension or disability benefit from an employer that did not withhold Social Security taxes.

These changes are effective for benefits payable after December 2023.

Source: Congress.gov