2021 – 05/20 A bipartisan bill entitled “Securing a Strong Retirement Act” is now under consideration by the full U.S. House of Representatives. A key goal stated in the bill is “to increase retirement savings and simplify and clarify retirement plan rules.” If ultimately enacted, the bill would require automatic enrollment of participants in 401(k) and 403(b) plans, with a minimum of 3% of compensation minimum and yearly 1% increases. Other issues addressed include higher “catch-up” contributions for older taxpayers and would raise the age to take required minimum distributions. The bill is subject to change by the full House and/or the Senate. We’ll keep you updated on its progress.
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