{"database": "press", "table": "releases", "rows": [["https://www.barrasso.senate.gov/barrasso-bennet-introduce-legislation-to-modernize-retirement-savings-rules-for-americas-workforce/", "Barrasso, Bennet Introduce Legislation to Modernize Retirement Savings Rules for America\u2019s Workforce", "2025-12-04", "2025", "2025-12", "Republican", "Senate", "WY", "John Barrasso", "B001261", "www.barrasso.senate.gov", "barrasso", "https://www.barrasso.senate.gov/newsroom/news-releases/", "scraper", "WASHINGTON, D.C. \u2013 Today, U.S. Senators John Barrasso (R-Wyo.) and Michael Bennet (D-Colo.), both members of the Senate Finance Committee, introduced the Retirement Rollover Flexibility Act. The bipartisan, bicameral legislation gives working Americans new flexibility to transfer their Roth retirement accounts when changing jobs, helping them consolidate their savings and reduce duplicative fees.\n\nCurrent law prohibits workers from rolling over Roth Individual Retirement Accounts (IRAs) into employer-sponsored plans. This restriction forces many Americans to maintain multiple small retirement accounts, resulting in unnecessary expenses and, in many cases, leading workers to cash out their savings early and lose critical retirement funds.\n\n\u201cRetirement savings belong to the workers who earn them, and those savings should follow them throughout their careers,\u201d said Senator Barrasso. \u201cThe Retirement Rollover Flexibility Act creates new options for workers to bring retirement savings with them when changing jobs. This commonsense reform will strengthen retirement security and help Wyoming families build stronger financial futures.\u201d\n\n\u201cWorkers shouldn\u2019t lose track of their retirement savings just because they change jobs,\u201d said Senator Bennet. \u201cRight now, outdated rules prevent Roth retirement accounts from moving with workers the way traditional accounts can. This bill fixes that gap\u2014ensuring all workers can consolidate their retirement savings, reduce fees, and keep their nest egg growing no matter where their career takes them.\u201d\n\nRepresentatives Darin LaHood (R-Ill.) and Linda S\u00e1nchez (D-Calif.) introduced companion legislation in the U.S. House of Representatives.\n\n\u201cBuilding retirement security is critical to the wellbeing of American families and the long-term strength of our economy,\u201d said Congressman LaHood. \u201cOur bipartisan bill will allow for the consolidation of assets, reduce duplicative fees, simplify retirement savings, and help families across the country better plan for their future. Congress must continue to remove unnecessary barriers and find solutions that help American workers build for a comfortable retirement. I am proud to join my Ways and Means colleague, Representative Sanchez, and Senators Barrasso and Bennet on this commonsense legislation.\u201d\n\n\u201cMillions of Americans rely on Roth IRAs to help prepare for retirement. As more people use these accounts, we need to make it easier for workers to move their savings into the Roth options offered through their jobs,\u201d said Congresswoman S\u00e1nchez. \u201cI\u2019m grateful to work with Congressman LaHood and Senators Barrasso and Bennet on this bipartisan, bicameral effort to give people a simple way to roll over their savings to build a stronger foundation for retirement.\u201d\n\n\u201cWith the rapid expansion of state auto-IRA programs\u2014nearly all of which default savers into Roth IRAs\u2014and with Americans changing jobs more often than ever, the need for true retirement savings portability has never been greater,\u201d said Brian Graff, CEO of the American Retirement Association. \u201cAllowing workers to move their Roth IRA balances into designated Roth accounts within employer-sponsored retirement plans is a smart, timely, and sensible solution. The Retirement Rollover Flexibility Act will reduce duplicative fees associated with maintaining multiple accounts, curb retirement savings leakage through seamless auto-portability, and ensure workers can carry their Roth savings with them as they move through their careers. The American Retirement Association applauds Senators Barrasso and Bennet and Representatives LaHood and S\u00e1nchez for their leadership on this critical issue.\u201d\n\nBackground:\n\nThe Retirement Rollover Flexibility Act:\n\nAllows workers to transfer (or \u201croll over\u201d) Roth IRA balances into employer-sponsored retirement plans when starting a new job.\n\nCreates parity with traditional IRAs, which already have this rollover flexibility.\n\nPreserves the tax-advantaged treatment of these rollovers and coordinates with existing distribution rules for designated Roth accounts.\n\nWorkplace Roth plans are widely used in Wyoming, with private-sector employees utilizing Roth 401(k)s, nonprofit employees using Roth 403(b)s, and state employees, teachers, and first responders participating in the Wyoming Retirement System\u2019s Roth 457(b) plan.\n\nBy removing barriers to Roth rollovers, this legislation will help these workers keep their retirement savings intact as they build their careers. This flexibility ensures that Americans can build retirement security without losing savings to unnecessary fees or early cashouts.\n\nFull text of the legislation can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.barrasso.senate.gov/barrasso-bennet-introduce-legislation-to-modernize-retirement-savings-rules-for-americas-workforce/"], "units": {}, "query_ms": 0.7312549278140068, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}