Key Committee Passes Senator Hassan and Colleagues’ Bipartisan Legislation to Increase Americans’ Retirement Savings

WASHINGTON – The Senate Finance Committee today passed bipartisan legislation from Senator Hassan and colleagues to strengthen retirement security.

“Granite Staters who have worked hard throughout their lives deserve the opportunity to retire comfortably, knowing that they will be financially secure,” said Senator Hassan. “This comprehensive, bipartisan legislation will help more Americans plan, save, and retire with dignity. I am glad to have worked with my colleagues from both parties to develop this legislation, and I’ll keep working to move this forward.”

The Enhancing American Retirement Now (EARN) Act includes a variety of reforms to the retirement system aimed at increasing retirement savings as well as improving and expanding employer sponsored retirement plans. The bill includes bipartisan provisions championed by Senator Hassan to: 

• Help more small businesses and nonprofits offer retirement benefits for employees
• Put more dollars directly into Americans’ retirement savings by expanding a tax credit for contributions to IRAs and other retirement plans
• Help return billions of dollars in unclaimed savings bonds to Americans
• Increase retirement plan flexibility for public safety officers and military personnel, including provisions from bipartisan legislation from Senators Hassan and Collins (R-ME) to help military families save for retirement
• Allow for more options for employer-sponsored retirement plans, including provisions from bipartisan legislation from Senators Hassan, Grassley (R-IA), and Lankford (R-OK), to cut taxes and provide more flexibility for small businesses
• Give families greater flexibility in choosing the remainder beneficiary of trusts established for a loved one who has a disability or chronic illness, which is based on a bipartisan bill from Senators Hassan and Young (R-IN)

Senator Hassan has led efforts to reform and strengthen Americans’ retirement security. She worked to address the retirement savings gap in the Setting Every Community Up for Retirement Enhancement (SECURE) Act that was included in the 2019 government funding bill, and the package that passed today builds on this critical legislation.

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