The Senate version of SECURE 2.0, titled the “Enhancing American Retirement Now (EARN) Act,” is scheduled for mark up Wednesday morning.

The news comes two weeks after Senators Patty Murray, D-Wash., and Richard Burr, R-N.C., introduced a SECURE 2.0-like bill titled the “Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act.”

“Americans deserve dignified retirements after decades of hard work, and our bill is an important step forward,” Senate Finance Committee Chair Ron Wyden, D-Ore., said in a statement. “These workers frequently have physical, demanding jobs, and often depend solely on their Social Security income. Too often, they simply do not have the resources to last through retirement. Under our reforms, many more workers would access resources for retirement and see meaningful federal retirement contributions year after year.”

Dan Zielinski, Chief Strategic Communications Officer at the Insured Retirement Institute (IRI), added that “Coming on the heels of the Senate HELP Committee approval of the RISE & SHINE Act, this next step demonstrates powerful momentum behind putting a comprehensive retirement security measure on President Biden’s desk this year.”

Important provisions
Important provisions of the (EARN) Act include:

RMDs: An increase in the age for the required beginning date for mandatory distributions. Tax-preferred retirement savings plans and IRAs are generally required to begin distributions once the account owner reaches age 72. This provision would increase the age to 75, effective after 2031.

Read more @401 K Specialist