Bipartisan support for legislation is hard to come by these days, but both Democrats and Republicans agree that Americans need to better prepare for retirement. This bill includes automatic enrollment into 401(k)s.
The House Ways and Means Committee has a new proposal aimed at fixing retirement for Americans.
The Ways and Means Committee introduced bipartisan legislation on Tuesday that aims to fix some of the problems individuals face when preparing for retirement. The proposal, known as the Securing a Strong Retirement Act of 2020, was introduced by Chairman and Democratic Rep. Richard Neal of Massachusetts and ranking member and Republican Rep. Kevin Brady of Texas.
“This bill will help Americans approach old age with the confidence and dignity they deserve after decades of hard work and sacrifice,” Neal said in a statement announcing the bill.There are a handful of provisions in the latest proposal, including automatic enrollment into 401(k) plans, financial incentives for small businesses to offer retirement accounts and the expansion of the existing federal tax credit for contributions to a retirement account.
Other parts of the proposal include:This legislation would be the latest attempt at improving retirement security in the country. Congress passed the SECURE Act in December, which increased the age for required minimum distributions to 72 from 70 ½ and allowed greater flexibility for 401(k) plans to include annuities. The SECURE Act also eliminated the stretch IRA, where beneficiaries of retirement accounts could prolong the distribution of funds from inherited accounts, and widened access to multiple employer plans for small businesses. headtopics.com
“Our legislation will make it easier for folks to save, protect Americans’ retirement accounts, and give workers more peace of mind as they plan for the future,” Brady said.Many Americans already needed help preparing for retirement, but the pandemic has made it worse. Millions have lost jobs, seen a reduction in hours and wages or became ill (or had a loved one become ill). All workers — both low- and high-earners — will feel the impacts of the pandemic on their retirement security, either through short-term wage losses or through investment returns, according to a report from the New School’s Schwartz Center for Economic Policy Analysis.Read more: MarketWatch »
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if this passes, wouldn't be surprised if spy reaches 500 by EOY 2021 lol, bipartisan support is an oxymoron Automatic for wall street to gut your retirement money! 401k is the worst ideal ever .. It cuts out the middleman and pumps what is effectively a tax right into the stock market. Further legitimizing the IRS isn't the direction we should be headed in. Help Americans prepare for retirement by aggressively prosecuting Wall Street malfeasance and fraud!
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