Legislative updates

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act, bicameral legislation to provide tax-advantaged savings vehicles with unrestricted use of funds—allowing participants to save, invest, and withdraw funds for any reason. According to a press release, the bill would do the following.

Senators Tim Scott (R-SC) and Maria Cantwell (D-WA) have introduced the Aviation Workforce Development Act. According to a press release, the bill would make training at FAA-certified commercial pilot and aircraft maintenance technician schools a qualified expense for 529 college savings plans. This is companion legislation to a bill introduced in the House of Representatives by Congressman Mike Collins (R-GA).

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. This is the third time the RSAA has been introduced, having previously been introduced in the last two sessions of Congress.

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. According to a press release, the bill seeks to codify that those who manage other people’s retirement savings under ERISA must prioritize maximizing returns for a secure retirement rather than political or social impact using environmental, social, and governance (ESG) factors.

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families. The bill would increase the amount that a first-time homebuyer could distribute penalty free from their IRA—from $10,000 to $25,000—and index this amount for inflation. 

Representatives Adrian Smith (R-NE) and Jimmy Panetta (D-CA) have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. According to a press release, the bill would allow qualified charitable distributions to be paid to a donor-advised fund. Donor advised funds allow individuals and families to designate funds for charitable giving upfront and allocate the funds to their preferred charities over a number of years.

Representatives Greg Steube (R-FL) and French Hill (R-AR) have introduced the Catch-Up Act to allow married individuals to make catch-up contributions to their spouse’s health savings account (HSA). While individuals are permitted to make catch-up contributions to their respective HSA, they are currently not allowed to make catch-up contributions to the HSA of their spouse.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2025.

Representatives David Kustoff (R-TN) and Judy Chu (D-CA) previously introduced H.R. 517 the Filing Relief for Natural Disasters Act. The bill would allow the governor of a state or territory to extend a federal tax filing deadline in the event of a state-declared emergency or disaster, which happens automatically for federally declared disasters.

Representative Lauren Underwood (D-IL) and several co-sponsors have reintroduced the Women's Retirement Protection Act. Bill text for H.R. 2023 is now available.