Legislative updates

Senator Bill Cassidy (R-LA) has introduced S. 2217, the Independent Retirement Fairness Act.

President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4, 2025. Details of certain provisions of the bill impacting savers can be found here. 

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.

At Ascensus, we have always believed that saving is one of the most powerful tools individuals can use to build financial security. As one of the country’s leading administrators of tax-advantaged savings plans, we serve more than 16 million people who are saving for retirement, education, and disability-related expenses.

Senator Thom Tillis (R-NC) and several cosponsors have reintroduced the Improving Disclosure for Investors Act. The bill would require the Securities and Exchange Commission (SEC) to issue guidance allowing the delivery of regulatory documents by electronic delivery. Investors would be able to opt out of electronic delivery at any time and receive paper versions of regulatory documents.  

On May 18, 2025, the House Budget Committee advanced a comprehensive tax package under the ongoing reconciliation process. While the bill has been marked up and passed out of committee, further changes are likely, as it still must progress through several legislative stages before becoming law. At this stage, it serves as a strong signal of where federal tax policy may be headed.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”.

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing.

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. While the proposal represents an early marker of what is expected to be a rigorous process through reconciliation, the following provisions are highlighted.