In what is, these days, a remarkable show of bipartisanship, the U.S. House Ways & Means Committee approved – unanimously – on April 2 a bill that would expand options for retirement savings. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, or H.R. 1994, would make it easier to offer annuities in 401(k) and 401(b) plans; raise the required age for taking minimum distributions (from age 70 1/2 to age 72); and expand options for 529 plans; among other things.
Committee Chairman Richard Neal (D-MA), who has made retirement security one of his top issues, said during the bill’s markup that the SECURE Act “goes a long way” to making it easier for Americans to save.
On the Senate side, Finance Committee Chairman Chuck Grassley (R-IA) and Committee Ranking Member Ron Wyden (D-OR) have introduced companion legislation, entitled the Retirement Enhancement and Savings Act (RES) of 2019.
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