Legislative updates

Expanding access to retirement savings is essential for millions of workers, and Representative Richard Neal’s (D-MA) Automatic IRA Act delivers a clear path forward. Ascensus supports this common‑sense step to close coverage gaps, strengthen long‑term retirement readiness, and improve financial resilience for workers and their families.

The House of Representatives has passed the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act by a vote of 302 to 123.

Senator Robert Marshall (R-KS) has introduced the Lowering Healthcare Costs for Americans Act. According to a press release, included in the bill is a provision that beginning in 2027, would redirect premium tax credit funding into a new type of health savings account (HSA) called a healthcare affordability account. The program would have a 700% income cap and a five-year phase down. 

Senators Mike Crapo (R-ID) and Bill Cassidy (R-LA) have released the Health Care Freedom for Patients Act. According to a bill summary, the proposal would—among other things—direct the Department of Health and Human Services to deposit payments into Health Savings Accounts paired with bronze or catastrophic plans on the Exchange in 2026 and 2027.

Senator Rand Paul (R-KY) has introduced the Health Marketplace and Savings Accounts for All Act.

Senators John Barrasso (R-WY) and Michael Bennet (D-CO) have introduced the Retirement Rollover Flexibility Act.

Senators Cory Booker (D-NJ) and Todd Young (R-IN), along with Representatives Eugene Vindman (D-VA) and Glenn Thompson (R-PA) have introduced bi-cameral legislation, the Emergency Savings Enhancement Act.

House Financial Services Committee Chairman French Hill (R-AR) and several committee members introduced bipartisan legislation, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. Included in Section 202 of the bill is text from H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act.

Representative Randy Fine (R-FL) has introduced H.R. 6084, the ERISA Litigation Reform Act. In a press release, Congressman Fine emphasized that this legislation strengthens retirement plan governance, reduces unnecessary legal costs, and protects the millions of workers who rely on employer-sponsored plans for their financial future.

Representative Lloyd Doggett (D-TX) has introduced H.R. 6183, the Health Savings Account (HSA) Consumer Protection Act.