ABA, trade groups support Senate Finance Committee’s EARN Act

The American Bankers Association, along with 13 other trade groups, sent a letter to Senate Finance Committee members thanking them for their work on the Enhancing American Retirement Now Act. The proposed legislation includes a number of provisions that would facilitate the establishment and administration of retirement plans. The EARN Act likely will be combined with Rise and Shine Act that was recently reported out of the Senate’s Health, Education, Labor and Pensions Committee.

In addition to thanking the committee’s leaders—Chair Ron Wyden (D-Ore.) and Ranking Member Mike Crapo (R-Idaho)—the letter also recognized the “historic contributions” of Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio) on “retirement security over the years, and most recently on the Retirement Security and Savings Act, which contains numerous provisions to encourage employers to establish and maintain retirement plans for their workers, many of which were included in the EARN Act.”

The committee’s work is a “crucial step in finalizing retirement legislation during this session,” the trade groups noted, adding that they look forward to working with the committee on integrating EARN “into a holistic, bipartisan retirement security package.”