Senators reintroduce bipartisan retirement security package
A major bipartisan retirement security package has been reintroduced in the Senate.
The Retirement Security and Savings Act, sponsored by Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., features more than 50 provisions aimed at getting people to save more for retirement.
The bill, a version of which was last introduced in 2019, would increase the tax credit for small business starting a new retirement plan, raise the catch-up contribution limits to $10,000 from $6,000 for individuals over 60 with 401(k) plans, improve access to guaranteed lifetime income products and allow employers to make matching contributions to retirement accounts of employees paying off qualified student-loan debt.
Senators Introduce Bipartisan Bill to Increase Retirement Plan Participation
The Improving Access to Retirement Savings Act is intended to open MEPs to 403(b) plans and more small businesses.
Three US senators have introduced legislation they say would make improvements to existing laws to help more organizations and small businesses participate in retirement plans, including multiple employer plans (MEPs) and pooled employer plans (PEPs).
Sens. Chuck Grassley, R-Iowa; Maggie Hassan, D-New Hampshire; and James Lankford, R-Oklahoma, say the Improving Access to Retirement Savings Act would build off the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was passed in late 2019 and help 403(b) plans, among other provisions. The legislation would allow 403(b)s to participate in MEPs.
Trio of Senators Introduces Retirement Reform Bill
The Improving Access to Retirement Savings Act parallels, but does not exactly match, the Securing a Strong Retirement Act, a piece of legislation which was recently advanced out of committee in the House of Representatives.
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A bipartisan trio of senators has introduced a bill called the Improving Access to Retirement Savings Act, which, among other goals, would extend new retirement plan choices to nonprofit groups and expand/clarify incentives to encourage small businesses to offer plans to their employees.
The legislation parallels, but does not exactly match, the Securing a Strong Retirement Act, a piece of legislation which was recently introduced in the House of Representatives and which received a unanimous affirmative vote from the House Ways and Means Committee. Lawmakers in the House have taken to calling that bill “SECURE 2.0,” recognizing how it builds on the Setting Every Community Up for Retirement En
Complementary SECURE 2 0 Legislation Introduced in Senate planadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from planadviser.com Daily Mail and Mail on Sunday newspapers.