Legislative updates

This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0

Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act.

Senator Ted Cruz (R-TX) and co-sponsor Senator Mike Braun (R-IN) have introduced S. 1226, a bill to make permanent several individual tax provisions.

Senator Jeanne Shaheen (D-NH) and co-sponsor Susan Collins (R-ME) have introduced S. 1269, the INSULIN Act of 2023.

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.

During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.

The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive.