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Senators Bill Cassidy (R-LA), and Tim Scott (R-SC), have shared proposals that, according to a press release, would modernize federal labor law to empower 27 million independent contractors to access portable workplace benefits, like health care and retirement.

President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4, 2025. Details of certain provisions of the bill impacting savers can be found here.

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The bill substantially modified the terms to create a new early wealth building account, known as a “Trump account” from an earlier Senate draft. Like the House-passed bill and consistent with an earlier draft, the Senate bill would extend Achieving a Better Life Experience (ABLE) provisions that are set to expire—but with a slight increase to the Savers Credit. The bill also includes 529 education account proposals that were passed in the House, with modifications. Homeschooling expenses have been removed and the annual expense limitation for qualified higher education expenses has been doubled to $20,000. Select health savings account provisions were also added to the Senate passed bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.

The Senate voted to approve the nomination of Ken Kies as the assistant secretary for tax policy at the Treasury by a vote of 53-45.

Learn how the SECURE 2.0 Act’s mandatory Roth catch-up contributions affect highly compensated employees, and discover strategies to optimize retirement savings with nonqualified deferred compensation (NQDC) plans.