Legislative updates

Representatives Adrian Smith (R-NE), along with cosponsors Blake Moore (R-UT) and Brian Jack (R-GA), have introduced H.R. 8313, the Trump Accounts for All Generations Act.

Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.

The Department of Treasury and Internal Revenue Service have issued a proposed rule providing guidance on how an election to open a Trump account is made on behalf of an eligible individual, pursuant to the One Big Beautiful Bill Act and ahead of implementation later this year.

Representative Young Kim (R-CA) has introduced H.R. 7737, the Savings and Early Exposure to Diversified Securities (SEEDS) Act. The bill seeks to expand the eligible investments by allowing an index comprised of digital assets.

Senator Mike Lee (R-UT) has introduced S. 4010, the 21st Century Worker Act, to simplify employee classifications.

Senator Todd Young (R-IN), and several Democrat co-sponsors have introduced S. 3975, the IRA Charitable Rollover Facilitation and Enhancement Act.

Representatives Glenn Grothman (R-WI) and Don Norcross (D-NJ) have introduced H.R. 7362, the Form 5500 Simplification Act. The Form 5500 is used to provide information to the Internal Revenue Service, the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).

Representatives Jimmy Patronis (R-FL) and Gus Bilirakis (R-FL) have introduced H.R. 7393, the Save for Success Act, to allow distributions from qualified tuition programs to be used for qualified housing expenses for first-time homebuyers.

Representative Delia Ramirez (D-IL) and several co-sponsors have introduced H.R. 7556, the Pensions for All Act. According to a press release, the bill would require corporations to do one of the following.

• Provide a traditional pension plan for their workers that is at least equivalent to the plan provided to new members of Congress under the Federal Employees Retirement System (FERS), or
• Pay into the federal retirement system at a level that ensures all of their workers receive the same amount of retirement benefits as members of Congress 

The legislation would also offer reduced contribution requirements for self-employed workers and small businesses. Senator Bernie Sanders (I-VT) introduced the bill in the Senate last year. 

Representative Kat Cammack (R-FL) and Jim Moylan (R-GU) have introduced H.R. 7422, the Next-Generation Equity Savings Tool Act (NEST Act).