Retirement

The Helping Young Americans Save for Retirement Act removes costly provisions that would otherwise make covering younger workers expensive.

“A child's relatives, their parents can contribute up to $5,000 per year of after-tax dollars annually to that account,” said White House press secretary Karoline Leavitt.

On Tuesday, the House Committee on Financial Services advanced the Retirement Fairness for Charities and Educational Institutions Act of 2025, which provides a “level playing field” between participants of 401(k)s and 403(b)s, said Rep. Frank Lucas.

After the House Budget Committee advanced the One Big Beautiful Bill on Sunday, lawmakers met Monday to lessen some cuts to federal workers’ retirement benefits, by delaying and grandfathering in implementation of some new proposals.

Following the sudden departure of its CEO, the health insurer is now facing an employee lawsuit, alleging UnitedHealth reduced its employer contributions to the 401(k) plan by more than $19 million by using forfeited funds from departing employees, an ERISA violation.

Under current law, employers may only use surplus pension assets for other benefits if they terminate the pension plan, but the American Benefits Council said their proposals would raise billions of dollars of revenue and be beneficial for employees, employers and taxpayers.