House committee to mark up next big retirement security package this week
House committee to mark up next big retirement security package this week
Bloomberg
Rep. Richard Neal, D-Mass., chairman of the House Ways and Means Committee and ranking member Rep. Kevin Brady, R-Texas.
The House Ways and Means Committee will hold a markup session on Wednesday where it will discuss a retirement security package often referred to as SECURE 2.0.
The bill under consideration the Securing a Strong Retirement Act of 2021 includes dozens of provisions aimed at boosting retirement security. A spokeswoman for Ways and Means Committee Chairman Richard Neal, D-Mass., the bill s sponsor, said in an email Monday afternoon that it should be officially posted to Congress website soon.
Among the provisions included in the new bill, which is similar to a version floated last year by Neal and Brady, is gradually increasing the age when individuals must begin taking required minimum distributions from their retirement accounts to age 75 from 72 (the Secure Act changed it to 72 from 70½) and requiring most companies that open a new 401(k) plan (or similar workplace option) to automatically enroll their employees. We ve learned over time … that people who are auto-enrolled are much more likely to stay in the plan, said Melissa Kahn, State Street s managing director of retirement policy.
The bill also would index to inflation the catch-up contributions that individuals age 50 or older can make to their retirement accounts (an extra $6,500 for 401[k] plans and $1,000 for IRAs). And, it would increase those catchup amounts for individuals age 62 through 64, as well as allow workers to get 401(k) matching contributions (from employers) when they pay student-loan de
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