The House overwhelmingly passed the Securing a Strong Retirement Act on Tuesday with a bipartisan vote of 414-5. The legislation now heads to the Senate.
"Oftentimes in this chamber, you will hear the phrase ‘transformative,’" House Ways and Means Committee Chairman Richard Neal, D-Mass., said on Tuesday as the bill neared passage. "Sometimes it’s hyperbolic but on this occasion, this is transformative legislation."
It includes a number of retirement reforms, including expanding auto-enrollment for saving plans, providing assistance to individuals with student loan debt, assisting businesses in providing more retirement savings options and raising the age for required minimum distributions to tax deferred retirement accounts like 401s.One provision in the second Secure Act would require employers to automatically enroll eligible workers in 401 plans starting at 3% of their salary.
Another key measure included in the bill would increase the starting age for required minimum distributions – the amount that a retirement plan account owner must withdraw annually beginning when they reach 72 – to 73 in 2022, 74 in 2029 and 75 by 2032.
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