Finance Committee Advances Key Retirement Savings Bill Containing Several Provisions Led by Grassley
Several provisions led by Sen.
"I'm glad several of my proposals were included in the EARN Act, which will build on the bipartisan success of the SECURE Act to expand and improve access to retirement savings. This includes specific provisions benefiting police officers, firefighters and other first responders to eliminate unnecessary barriers to the retirement benefits they deserve. I'll continue working in a bipartisan manner to help Americans easily and effectively save for retirement," Grassley said.
The bill now contains all provisions from the Improving Access to Retirement Act, which Grassley introduced last year alongside
Grassley also successfully sought an amendment to modify the Putting First Responders First Act provision to ensure disabled law enforcement officers and other first responders are, immediately upon enactment of this bill, exempt from paying taxes on their disability benefits. Before Grassley offered his amendment, this tax exemption provision was not set to take effect until 2028. The cost associated with moving up the effective date is offset by the conservation easements provision, which will hold scam artists accountable and save taxpayers billions.
Improving Access to Retirement Act
This bill will build off the successful implementation of the SECURE Act and make improvements to allow more organizations and small businesses to participate in multiple employer plans (MEPs).
Specifically, the adopted provisions:
* Allow nonprofit employers to participate in multiple employer plans (MEPs) established by the original SECURE Act. MEPs allow employers to band together to offer a pension plan and take advantage of economies of scale;
* Clarify employers joining an MEP may claim the start-up credit for the first three years they participate in an MEP;
* Establish a safe harbor to allow certain pension plans to correct errors in administering automatic enrollment and escalation features for plans enrolling in an MEP; and,
* Permit employers to increase benefits provided under its retirement plan for a year up until its tax return due date for such year.
Learn more about the Improving Access to Retirement Act HERE: https://www.grassley.senate.gov/news/news-releases/grassley-hassan-lankford-reintroduce-bipartisan-retirement-bill-to-give-small-businesses-more-flexibility
Police and Fire Health Care Protection Act
This bill is designed to make it easier for retired first responders to take advantage of a benefit designed to help them cover health expenses. It allows public safety officers to exclude up to
Learn more about the Police and Fire Health Care Protection Act HERE: https://www.grassley.senate.gov/news/news-releases/grassley-colleagues-introduce-legislation-to-help-first-responders-access-key-health-insurance-benefit-in-retirement
Bipartisan Effort to End Abuse of Conservation Easements
When serving as chairman of the
Based on the information gathered in this investigation, Grassley concluded that the
Grassley then reintroduced the Charitable Conservation Easement Program Integrity Act to stop the abuse of conservation easements, save taxpayers billions of dollars and promote conservation in the
Learn more about Grassley's years-long effort to end abuse of conservation easements HERE: https://www.grassley.senate.gov/news/news-releases/grassley-wyden-daines-stabenow-reintroduce-bipartisan-bill-end-abuse-conservation
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Original text here: https://www.grassley.senate.gov/news/news-releases/finance-committee-advances-key-retirement-savings-bill-containing-several-provisions-led-by-grassley
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