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- A trio of Republican lawmakers introduced a bill including “digital assets.”
- The bill will extend the acceptable investment classes in defined contribution plans.
The U.S. Lawmakers Introduced a Bill
The short bill proposes to do all that by actually CREATING the term “covered investment” and adding it to ERISA 404(a) saying that it means any direct or indirect investment; and ‘‘(II) includes, but is not limited to several investment classes mentioned in the bill, including crypto.
The trio of the U.S. Sens. Pat Toomey (R-PA), Tim Scott (R-SC) and U.S. Rep. Peter Meijer (MI-03) introduced the Retirement Savings Modernization Act “to bolster Americans’ retirement savings by allowing workers to diversify assets included in defined contribution plans, such as 401(k) plans.”
The legislation will amend the Employee Retirement Income Security Act of 1974 (ERISA) “to clarify that private sector retirement plan sponsors may offer plans, including both pensions and 401(k)s, that are prudently diversified across the full range of asset classes.”
The Press Release
The United States Senate Committee on Banking, Housing, and Urban Affairs published the Press Release on September 29, 2022. In which the Senator group includes the trio of the U.S. Senators, Pat Toomey, Tim Scott, and the U.S. Representative, Peter Meijer.
Sen. Toomey mentioned in the PR that “Our legislation will provide the millions of American savers invested in defined contribution plans with the option to enhance their retirement savings through access to the same wide range of alternative assets currently available to savers with defined benefit pension plans.”
While Sen. Scott defined that “This bill would modernize retirement plans to ensure they can provide diverse investments with higher returns. American workers and their families deserve to go about their lives with peace of mind, knowing their hard-earned money will be secure when they choose to retire.”
Moreover, Rep. Meijer also added “Americans deserve flexibility with their retirement options, especially in times of fiscal uncertainty. With this bill, Americans can better prepare for retirement, and I am proud to join my colleagues in both the House and Senate in introducing this meaningful legislation.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
