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Defined contribution plan HSA IRA Legislative updates

OPTIONS Act Introduced in Senate

Senators Todd Young (R-IN) and Cory Booker (D-NJ) have introduced S. 5707, the Optimizing Participant Tax Incentives through Optional Noncash Selections (OPTIONS) Act. According to a press release, the bill would allow employees to choose how certain employer contributions are allocated among retirement savings, student loan repayments, health savings accounts, and other eligible benefits. Companion legislation was introduced in the House by Representatives Greg Steube (R-FL) and Suzan DelBene (D-WA). The legislation has been referred to the Senate Committee on Finance for further consideration.