What’s in the New 401(k) Retirement Bills
As the end of the year approaches, the focus on retirement legislation is likely to heat up in Congress. There are three pieces of bipartisan retirement legislation currently making their way through Congress.
The House’s SECURE Act 2.0 is expected to be reconciled with a merged version of two current Senate bills, known as the EARN Act and the RISE & SHINE Act. In order to prepare, plan sponsors may want to begin reviewing the proposed provisions now.
To help you better understand the potential impact of these bills, NWCM has created a side-by-side comparison table highlighting some of the similarities and differences between the three proposed bills.
UPDATE: The EARN Act was formally introduced in the Senate on September 8th. Click the image below to see what was changed from the original proposed retirement bill and how it may affect your workers making less than $100,000.
If enacted into law, some of the provisions outlined would affect existing plans, while some would apply only to newly created plans. NWCM will continue to monitor and provide further updates as developments occur.
As always, if you are interested in learning more, please reach out to NWCM.
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