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Sen. James Lankford, R-Okla., introduced legislation on June 1 that would let retirement plan participants to dip into their savings for emergencies.

The Enhancing Emergency and Retirement Savings Act of 2021 would “encourage participation in retirement plans” by giving individuals penalty-free access to funds should a family emergency hit, Lankford said in introducing the bill alongside Sen. Michael Bennet, D-Colo., both members of the Senate Finance Committee.

Melanie Waddell

Melanie is Washington Bureau Chief, Investment Advisory Group. She also covers regulatory and compliance issues. Her column, The Playing Field, appears in Investment Advisor and on ThinkAdvisor.com, and she also writes the briefing and produces the podcast, Human Capital. Earlier in her career, Melanie covered financial issues at American Banker/Thomson Media publications in Washington and New York. You can reach her at [email protected] On twitter: @Think_MelanieW

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