(Photo: Shutterstock)Sen. James Lankford, R-Okla., introduced legislation on June 1 that would let retirement plan participants to dip into their savings for emergencies.
The Enhancing Emergency and Retirement Savings Act of 2021 would “encourage participation in retirement plans” by giving individuals penalty-free access to funds should a family emergency hit, Lankford said in introducing the bill alongside Sen. Michael Bennet, D-Colo., both members of the Senate Finance Committee.