Ascensus

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.

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.

Representative Neal’s Automatic IRA Act of 2024 provides a practical solution for closing the retirement savings gap that affects millions of underserved workers. The proposal applies an automatic enrollment feature similar to state-facilitated auto IRA programs. This will enhance private-sector offerings, providing more people with the opportunity to save and removing barriers to plan adoption by small employers. And, by allowing contributions to be made to Roth IRAs, more individuals will have access to tax-free income to help pay for emergency expenses or enhance their retirement savings. Ascensus supports this common-sense approach toward meeting the challenges that many face when saving for retirement.