Several retirement savings bills are currently moving through the House and Senate. Among them is the Enhancing American Retirement Now Act, which was introduced earlier in September by Senate Finance Committee Chairman Ron Wyden (D‑OR) and ranking member Mike Crapo (R‑ID). The bill offers a mixed bag of policies to amend the private retirement savings system. Among them are three troubling provisions. The bill would:

• Expand the welfare state by increasing eligibility for accounts that circumvent asset tests.
• Make the saver’s credit a refundable, matching contribution.
• Allow employers to make 401(k) matching contributions based on student loan repayments.

The Senate EARN Act is moving alongside related bills, including the (don’t hold your breath) Senate Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act, the RISE and SHINE Act, and the House Securing a Strong Retirement Act of 2021.