06 Feb 2024 BPC Action-Supported Retirement Security Bills in the 118th Congress in Retirement and Social Security

The following bipartisan bills align with Bipartisan Policy Center retirement security recommendations and are endorsed by BPC Action. This list is continuously updated.  

H.R. 5408 and S. 2767, the SSI Savings Penalty Elimination Act 

  • Led in the House by Reps. Brian Higgins (D-NY) and Brian Fitzpatrick (R-PA) 
  • Led in the Senate by Sens. Sherrod Brown (D-OH), Bill Cassidy (R-LA), Ron Wyden (D-OR), Susan Collins (R-ME), Bob Casey (D-PA), and James Lankford (R-OK) 
  • Updates Supplemental Security Income’s (SSI) asset limits for the first time since 1984 to $10,000 for individuals and $20,000 for married couples, and indexes them to inflation moving forward. 

H.R. 9614 and S. 4539, the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act

  • Led in the House by Reps. Lloyd Smucker (R-PA), Don Beyer (D-VA), Cathy McMorris Rodgers (R-WA), Debbie Dingell (D-MI), Brian Fitzpatrick (R-PA), Eleanor Holmes Norton (D-DC), and Pete Stauber (R-MN)
  • Led in the Senate by Sens. Eric Schmitt (R-MO), Bob Casey (D-PA), John Boozman (R-AR), Chris Van Hollen (D-MD), Tom Cotton (R-AR), Peter Welch (D-VT), Tommy Tuberville (R-AL), Tim Kaine (D-VA), Katie Britt (R-AL), Amy Klobuchar (D-MN), Markwayne Mullin (R-OK), and Ron Wyden (R-OR)
  • Permanently extends the ABLE to Work, the ABLE Saver’s Credit, and the 529-to-ABLE rollover provisions of the Tax Cuts and Jobs Act (TCJA).

S. 3305, the Helping Young Americans Save for Retirement Act 

  • Led by Sens. Bill Cassidy (R-LA) and Tim Kaine (D-VA) 
  • Lowers the participation age of Employee Retirement Income Security Act (ERISA)-covered defined contribution plans from 21 years old to 18 years old under certain circumstances. 

S. 664, a bill to ensure that Social Security beneficiaries receive regular statements from the Social Security Administration, and for other purposes 

  • Led by Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME), and Tim Kaine (D-VA) 
  • Requires the Social Security Administration (SSA) to regularly mail paper copies of Social Security statements to each individual with a Social Security number, allowing individuals to opt out of receiving these paper statements. 

S. 4794, the Claiming Age Clarity Act

  • Led by Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME), and Tim Kaine (D-VA)
  • Changes the Social Security Administration’s (SSA) terminology from “early eligibility age,” “full retirement age,” and “delayed retirement credits” to “minimum monthly benefit age,” “standard monthly benefit age,” and “maximum monthly benefit age” to convey the effect of claiming age more clearly on monthly benefit amounts.

S. 4965, the Small Nonprofit Retirement Security Act

  • Led by Sens. James Lankford (R-OK) and Catherine Cortez Masto (D-NV)
  • Makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to eligible small employers who are exempt from income tax.
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