Under the proposal, small businesses will be able to more easily band together to offer 401(k) plans, and some part-time workers would be eligible for retirement benefits.
Lawmakers in the House of Representatives have passed a bill that aims to improve the nation’s retirement savings, moving it a step closer to becoming law.
It also would raise the age when required minimum distributions, or RMDs, from certain retirement accounts must start to age 72, from 70½, along with making changes to allow more annuities to be offered in 401 plans. With the Secure Act’s passage, it will now head to the Senate, where a similar bill has yet to be voted out of committee. In the upper chamber, it’s known as the Retirement Enhancement and Savings Act, or RESA, and its provisions largely mirror those in the House bill.
Both bills also rely on funding their provisions by changing the rules governing inherited retirement accounts. The House measure would require most nonspouse beneficiaries to withdraw the money within 10 years of the original owner’s death, while the Senate bill would require distribution within five years for accounts worth at least $400,000, unless the beneficiary is the spouse.
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