Setting Every Community Up for Retirement Enhancement (SECURE) Act
HR 1994 - Rep Richard Neal D - Mass
This bill has support of both Democrats and Republicans.
Bill has passed the Ways and Means Committee, a major first step to become law.
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 ½ 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 Means’ vote clears the path for full House consideration of the legislation. Bipartisan members of the committee are optimistic about the legislation’s future. The committee hopes to have the bill on the President’s desk by the end of 2019. "
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