The House on Thursday passed a bipartisan bill aimed at boosting retirement savings that also fixes an issue with the GOP tax law. The bill,…
The House on Thursday passed a bipartisan bill aimed at boosting retirement savings that also fixes an issue with the GOP tax law.
The bill, known as the SECURE Act, passed by a vote of 417-3. The three lawmakers who voted against the bill were GOP Reps. Justin Amash (Mich.), Thomas Massie (Ky.) and Chip Roy (Texas).
The bill includes a number of provisions designed to encourage businesses to offer retirement plans and to make it easier for people to save for their retirements.
These include provisions that would make it easier for small businesses to join together to offer retirement plans, treat graduate students’ stipends as compensation for purposes concerning individual retirement accounts (IRA), allow long-term and part-time workers to participate in companies’ 401(k) plans, and eliminate the age maximum for contributing to IRAs.
“This is the most substantive promotion of retirement savings in the last 15 years,” said House Ways and Means Committee Chairman Richard Neal (D-Mass.
