2022: Schweikert 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, Schweikert 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: Schweikert Voted Against 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, Schweikert voted against concurring 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: Schweikert 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, Schweikert 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]