June 26, 2022

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Big Changes to 401(k) Retirement Plans Get Closer With Senate Vote

Americans could wait longer to start emptying retirement accounts and face fewer restrictions on emergency withdrawals under a bill advanced unanimously Wednesday by the Senate Finance Committee. 

The bipartisan bill is broadly similar to a measure passed by the House on a 414-5 vote in March, though it contains larger retirement-savings subsidies for low-income and middle-income workers. The Senate’s move this week increases the chances that Congress will make changes to U.S. retirement law this year.