Bipartisan Retirement Bill

KingsX

Well-known member
Joined
Dec 18, 2017
Location
Texas


Setting Every Community Up for Retirement Enhancement (SECURE) Act



HR 1994 - Rep Richard Neal D - Mass

https://www.congress.gov/bill/116th-congress/house-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-center/press-releases/ways-means-committee-passes-landmark-retirement-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 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. "


more info at links

https://www.kahnlitwin.com/blogs/business-blog/congress-proposes-retirement-plan-improvements-through-secure-act

https://www.mywealthtrace.com/blog/a-world-of-planning/2019/04/05/new-retirement-bill-should-help-most-people

https://www.thinkadvisor.com/house-panel-unveils-sweeping-retirement-bill-would-raise-rmd-age/

https://www.investmentnews.com/house-committee-unanimously-approves-sweeping-retirement-bill

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OneEyedDiva

Well-known member
Joined
Aug 4, 2016
Location
Nrw Jersey
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.
 


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