House Passes Bill Making Big Changes to U.S. Retirement System

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The House is on track to pass a bill that would change the retirement system, making it easier for employers to offer plans and include annuities as options

The House of Representatives passed legislation that would bring substantial changes to the U.S. retirement system, making it easier for employers to offer plans and include annuities as options for workers.

Backed by a bipartisan group of lawmakers including Rep. Richard Neal , chairman of the House Ways and Means Committee, the House version of the legislation would repeal the age cap for contributing to individual retirement accounts, currently 70½. It would also increase the age to start taking required withdrawals...

 

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“...would require many people who inherit tax-advantaged retirement accounts after Dec. 31, 2019, to withdraw the money within a decade and pay any taxes due.” this negates much of the benefits. It’s a shell game

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