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Bipartisan Retirement Bill

  1. #1
    Join Date
    Dec 2017
    Location
    Texas
    Posts
    1,236

    Bipartisan Retirement Bill





    Setting Every Community Up for Retirement Enhancement (SECURE) Act



    HR 1994 - Rep Richard Neal D - Mass

    https://www.congress.gov/bill/116th-...ouse-bill/1994


    This bill has support of both Democrats and Republicans.


    Bill has passed the Ways and Means Committee, a major first step to become law.

    https://waysandmeans.house.gov/media...nt-legislation


    A similar bill has been introduced in the Senate.


    Here is a list of some of the bill's highlights:

    * Repeals the maximum age for IRA contributions and raises the age for required mandatory distributions from 70 Ĺ to 72.

    * Expands the use of 529 plans to include home schools and student loans (previously only applied to college related expenses)

    * Allows small businesses to join forces to offer 401(k)s (multi-employer plan, or MEP). Participating businesses will only need to submit one form 5500 on behalf of the MEP.

    * Creates a new tax credit of up to $500 for companies that set up plans with automatic enrollment.

    * Allows businesses with long-term, part time workers to become eligible for retirement benefits.


    " The Ways and Meansí vote clears the path for full House consideration of the legislation. Bipartisan members of the committee are optimistic about the legislationís future. The committee hopes to have the bill on the Presidentís desk by the end of 2019. "


    more info at links

    https://www.kahnlitwin.com/blogs/bus...ugh-secure-act

    https://www.mywealthtrace.com/blog/a...lp-most-people

    https://www.thinkadvisor.com/house-p...raise-rmd-age/

    https://www.investmentnews.com/house...etirement-bill

    .

  2. #2
    Join Date
    Aug 2016
    Location
    Nrw Jersey
    Posts
    1,120
    Good post KingsX. I saw this story a couple of days ago. I don't have time to read all the linked articles right now but this seems like it will be a good thing. I don't remember reading the points about the 529s. I would be concerned that if people use the money for home schooling (grade school thru high school) that it would deplete what winds up being available to put toward the skyrocketing college costs.

Please reply to this thread with any new information or opinions.

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