House panel advances bipartisan retirement savings bill

The House Ways and Means Committee on Wednesday advanced bipartisan legislation aimed at helping people save for retirement.

The committee approved the measure by voice vote.

The bill now heads to the full House. It’s unclear when the bill will get a vote, but its strong bipartisan support bodes well for its prospects. Similar legislation has been introduced in the past in the upper chamber by Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio).

The bill, which is co-sponsored by Ways and Means Chairman Richard Neal (D-Mass.) and ranking member Kevin Brady (R-Texas), includes dozens of provisions, building on a bipartisan retirement law that was enacted in 2019.

Provisions in the bill include expanding automatic enrollment in 401(k) plans, raising the age for when people are required to take distributions from retirement accounts from 72 to 75 and allowing employers to make matching contributions to retirement plans when their employees make payments on their student loans.

Both Democrats and Republicans on the committee have long had an interest in retirement issues, and lawmakers in both parties spoke favorably about the bill.

“I’m happy that we were able to work together on a bipartisan basis to develop this important legislation,” Neal said. “Our efforts have resulted in an excellent product that will help Americans plan for their golden years.”

Brady said that the bill “will help Americans from all walks of life save for retirement.”

A number of stakeholder groups support the bill, including the AARP and the financial-services firm Edward Jones.