Important Bipartisan Retirement Legislation Introduced

[KingsX]

SECURE Act 2.0 Legislation Introduced—And Wow!

There's a lot for plan advisors, sponsors and participants to like

by John Sullivan, Editor-In-Chief

October 27, 2020

Expand auto-enrollment, provide incentives for small businesses to offer plans, increase the RMD age to 75, allow for bigger catch-up provisions - there's a lot in so-called SECURE Act 2.0.

On Tuesday, Ways and Means Committee Chairman Richard Neal, D-Mass., and Ranking Member Kevin Brady, R-Texas, introduced the Securing a Strong Retirement Act of 2020, bipartisan legislation they say will "help a greater number of Americans successfully save for a secure retirement."

The bill builds on the SECURE Act passed late last year to further improve workers’ long-term financial wellbeing.

more info at links

https://401kspecialistmag.com/secure-act-2-0-legislation-introduced-and-wow/

https://waysandmeans.house.gov/medi...w-bipartisan-legislation-strengthen-americans

https://www.accountingtoday.com/new...ll-to-improve-retirement-plans-and-tax-breaks

https://www.napa-net.org/news-info/daily-news/secure-act-20-introduced-house

 

[KingsX]

AARP Comes Out In Support of Brady, Neal Retirement Legislation

October 29, 2020

This week, Ways and Means Republican Leader Kevin Brady (R-TX) and Chairman Richard E. Neal (D-MA) introduced the Securing a Strong Retirement Act of 2020...


Dear Chairman Neal and Ranking Member Brady:

AARP, on behalf of our 38 million members and all older Americans nationwide, is pleased to support your bipartisan efforts to improve the retirement system with the introduction of the Securing a Strong Retirement Act of 2020. While Social Security continues to be the bedrock of retirement income for most American workers and their families, individuals want and need additional retirement income sources, and we appreciate your bipartisan work to make a number of improvements to current law....

more info at link

https://gop-waysandmeans.house.gov/aarp-comes-out-in-support-of-brady-neal-retirement-legislation/

 

[OneEyedDiva]

From what I read in a couple of the links...looks like this will be a good thing. In the two I read (well actually perused), I don't think they clarified for whom the RMD at 75 rule applies. I believe it probably refers to people who haven't reached 72 yet.

 

[JB in SC]

From what I read in a couple of the links...looks like this will be a good thing. In the two I read (well actually perused), I don't think they clarified for whom the RMD at 75 rule applies. I believe it probably refers to people who haven't reached 72 yet.

Not that I can see, but it does appear to eliminate the RMD requirement if the indivual has under $100,000 in all accounts combined. I may have read it incorrectly.