Skip to content

WASHINGTON, D.C. – The U.S. Senate today passed the One Big Beautiful Bill Act, a tax and budget reconciliation measure that, among other provisions, preserves the tax-deferred treatment of retirement savings—a vital incentive to encourage workers enrolled in employer-provided retirement plans to save for their retirement.

IRI has been meeting with members of Congress to remind them of the valuable role tax-deferral of retirement savings plays encouraging workers to save for retirement during their working years.

“Both the House and Senate have passed versions of the budget reconciliation measure that protects the tax deferral treatment of retirement savings, which is a valuable tool that encourages workers to save for their future financial security,” said Wayne Chopus, President and CEO of IRI. “Workers will save less if tax deferral of retirement savings were reduced or eliminated.”

The House and Senate must next agree on one version of the One Big Beautiful Bill Act, vote to approve it and then it will be sent to the President to sign into law.

The reconciliation bill aims to renew the Tax Cuts and Jobs Act of 2017, as well as other provisions advocated by the Trump Administration. Preserving tax deferral of retirement savings is a top IRI priority included in the association’s 2025 Federal Retirement Security Blueprint.

# # #

Contact: Dan Zielinski

Stay Informed

Latest News

March 22, 2021

IRI CONGRATULATES MARTIN J. WALSH ON CONFIRMATION AS LABOR SECRETARY

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) issued the following statement following the Senate’s confirmation of former Boston Mayor…

Read more
March 16, 2021

IRI ANNOUNCES SPRING VIRTUAL CONFERENCE

“20 in 21” Features 20 Sessions Covering Critical Topics Affecting the Insured Retirement Industry WASHINGTON, D.C. – The Insured Retirement…

Read more
March 11, 2021

IRI ANNOUNCES NEW BOARD OF DIRECTORS OFFICERS, MEMBERS

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) announced changes to its board of directors, including the formal approval of…

Read more
Scroll To Top