Bipartisan Retirement Bill Approved by House

Industry News

May 30, 2019

Bipartisan Retirement Bill Approved by House

The House of Representatives has approved legislation to improve the nation’s retirement savings system.

The SECURE Act would make it easier for small businesses to join together and offer 401(k) plans, and would increase the age for required minimum distributions from IRAs to 72.

In addition, the bill includes a fix for children of fallen service members who were inadvertently affected by a tax on unearned income designed to prevent tax evasion by wealthy parents.

Similar legislation awaits consideration in the Senate.

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