Second Senate Secure Act 2.0 Bill Sails Through Committee

"While they're paying down their loans, their employers will make contributions to begin building up their retirement accounts," Wyden said.

The bill also will direct the Treasury Department "to come up with new standardized forms that retirement plans can use to make rollovers easier for workers," Wyden said.

"Rollovers are how workers bring their savings along when they change jobs. Today that process is often a massive headache."

The bill will also allow "all employers to allow workers to take distributions from their retirement accounts to pay for long-term care premiums," Wyden said.

The distributions out of retirement accounts will still be taxable, but there will no longer be a 10% penalty, he said.

Wyden said during the markup that he would also work to see that an auto-enrollment provision, like the one passed in the House bill in late March, is included in a Senate bill.

Wayne Chopus, president and CEO of the Insured Retirement Institute, said Wednesday in a statement that with passage of the EARN Act out of committee, "we have strong bipartisan momentum to address the anxiety and insecurity that many workers and retirees have about their ability to accumulate sufficient savings to provide them with sustainable income during their retirement years."

IRI, Chopus said, "looks forward to working with the House and Senate to finalize a comprehensive bill that will put individuals on a path toward a secure and dignified retirement. We will advocate to expand the reach and impact of the final legislation to ensure there are more opportunities to offer protected lifetime income through workplace retirement plans."