Bipartisan Retirement Bill Moving Through Process - AMAC & Roll Call

Laura Weiss of Roll Call gives a synopsis of a retirement bill that seems likely to become law this year. She notes that legislation of this nature has a history of broad bipartisan backing, as long as Social Security remains off the table. This bill from Democrat Richard Neal and Republican Kevin Brady builds on a law intended to boost savings, which passed tied to an appropriations package.

That 2019 law made it easier for small businesses to band together to offer pooled workforce retirement savings plans and to offer annuity options. It also allowed gig workers, like Uber drivers, to access 401(k)-style retirement accounts.

The pair’s latest measure would require most employers with 401(k)-type plans to automatically enroll employees unless they opt out, sweeten tax credits for startup firms that offer workplace savings plans, promote a benefit for low-income savers, allow more catch-up contributions for people in their 60s to put more into tax-beneficial savings accounts, and loosen rules on annuities.

In an acknowledgment that Americans are living and working longer it would also raise the minimum age when account holders must begin taking money out of their retirement plans from 72 to 75, something retirees strongly support. Read the full article here.

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