Hatch, Wyden Introduce Bills to Strengthen, Increase Access to Retirement Savings

Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today applauded the introduction of S. 3470, the Miners Protection Act of 2016, and S. 3471, the Retirement Enhancement and Savings Act of 2016. Both bills were reported out of Committee on a bipartisan basis in September of this year.

“These bills are the result of bipartisan cooperation by members from both sides of the aisle that will assist employers, beneficiaries and hard-working Americans.” Hatch said. “Thanks to these bipartisan efforts, we now have a real opportunity to enact legislation that will allow open multiple employer plans for employees working for companies of all sizes, increasing access for a number Americans hoping to save for their future. I look forward to working with my colleagues in the Senate to further advance common-sense pension reforms, just like this, and ensure they are enacted into law.”

“In only a matter of weeks, unless Congress passes this legislation, thousands of mineworkers and their families will lose the health benefits they’ve earned with decades of backbreaking work. The pension benefits they’ve earned are in danger of disappearing soon after. These are hardworking people from communities that are struggling, and Congress has a responsibility to lend them a hand,” Wyden said. “The Finance Committee also came together on a bipartisan basis to pass several smart improvements to pension law. This package will help more Americans find opportunities to save, and for the first time it gives workers the chance to keep building an IRA past the age of 70 and a half.”

A summary of the Miners Protection Act of 2016 can be found here.

A summary of the Retirement Enhancement and Savings Act of 2016 can be found here.

The Finance Committee Report of the Miners Protection Act of 2016 can be found here.

The Finance Committee Report of the Retirement Enhancement and Savings Act of 2016 can be foundhere

Estimated budget effects of the Retirement Enhancement and Savings Act of 2016 can be found here.