2022: Fitzpatrick Voted To Allow Former Federal First Responders To
Stay In The Accelerated Retirement System If They Became Disabled Due To
A Work-Related Illness Or Injury And Decided To Work In Another Civil
Service Job. In July 2022, according to Congressional Quarterly,
Fitzpatrick voted for the First Responder Fair RETIRE Act, which would
"authorize federal first responders who become disabled due to a
work-related illness or injury and transition to another civil service
position to remain in the accelerated retirement system to receive
federal retirement benefits in the manner prescribed for first
responders. The bill's provisions would specifically apply to federal
law enforcement officers, U.S. Customs and Border Protection officers,
firefighters, air traffic controllers, nuclear materials couriers,
certain Central Intelligence Agency employees and State Department
diplomatic security special agents." The vote was on passage. The House
passed the bill by a vote 417-0, thus the bill was sent to the Senate.
[House Vote 301,
7/12/22; Congressional
Quarterly, 7/12/22;
Congressional Actions, H.R.
521]
2022: Fitzpatrick Voted For The FY 2023 Omnibus Spending Package,
Which Expanded Tax Credits For Employers Who Offer Employee Retirement
Savings Plans And Included Policies That Would Increase Employee
Enrollment And Increase Contributions To Such Plans. In December 2022,
according to Congressional Quarterly, Fitzpatrick voted to concur with
the Senate amendment to the Consolidated Appropriations Act, 2023, which
would "expand tax credits for employers who offer employee retirement
savings plans and include various provisions to increase employee
enrollment in and contributions to such plans." The vote was on a motion
to concur. The House concurred with the Senate amendment by a vote of
225-201, thus bill was sent to President Biden and ultimately became
law. [House Vote 549,
12/23/22; Congressional
Quarterly, 12/23/22;
Congressional Actions, S.Amdt.
6552;
Congressional Actions, H.R.
2617]
The FY 2023 Omnibus Established New Retirement Rules That Could
Facilitate The Accumulation Of Retirement Savings While Making It
Less Expensive To Withdraw Such Savings. According to CNN, "The
law contains new retirement rules that could make it easier for
Americans to accumulate retirement savings -- and less costly to
withdraw them." [CNN,
12/29/22]
The Retirement Savings Provisions Allowed Penalty-Free Withdrawals
In Certain Emergency Expenses, Allowed Employers To Offer Matching
Retirement Contributions For Employees' Student Loan Payments, And
Raised The Amount Older Workers Can Save In Their Employer
Retirement Plans. According to CNN, "Among other things, the
provisions will allow penalty-free withdrawals for some emergency
expenses, let employers offer matching retirement contributions for
a worker's student loan payments and increase how much older workers
may save in employer retirement plans." [CNN,
12/29/22]
2022: Fitzpatrick Voted For The Securing A Strong Retirement Act Of
2021, Which Would Require Employers To Automatically Enroll Eligible
Employees In Their Sponsored Retirement Savings Plans Starting In 2024,
Incentivize Employers To Offer Retirement Savings Plans, And Gradually
Increase The Starting Age For Mandatory Distributions From 72 To 75.
In March 2022, according to Congressional Quarterly, Fitzpatrick voted
for the Securing a Strong Retirement Act of 2021, which would "include
various provisions to increase employee enrollment in employer-sponsored
retirement savings plans, incentivize employers to offer retirement
savings plans, and make modifications related to employee contributions
to and use of retirement savings accounts. The bill would require
employers to enroll eligible employees automatically in their sponsored
plans beginning in 2024; establish or expand various tax credits for
small businesses that establish retirement plans, including credits
related to early eligibility for military spouses; and decrease to two
consecutive years the time period after which employers must allow
long-term part-time employees to participate in certain retirement
plans. It would gradually increase the initial starting age for
mandatory retirement plan distributions from 72 to 75 by 2033; reduce
tax penalties for individuals who do not take the required
distributions; and allow older employees to make increased 'catch-up'
contributions to their retirement plans. Among other provisions, it
would allow retirement plan fiduciaries to choose not to recoup
retirement benefit overpayments and place certain limits on recoupment
procedures; require the Labor Department to establish an online database
allowing individuals to search for the contact information of the
administrator of their retirement plans; permit employees to receive
matching retirement plan contributions from employers for certain
student loan payments; and allow employers to offer small financial
incentives, such as gift cards, to boost employee participation in
retirement plans." The vote was on passage. The House passed the bill by
a vote of 414-5, thus the bill was sent to the Senate. [House Vote 86,
3/29/22; Congressional
Quarterly, 3/29/22;
Congressional Actions, H.R.
2954]