The House Ways and Means Committee approved a new retirement reform package called the Setting Every Community up for Retirement Enhancement Act of 2019 (SECURE Act). This bi-partisan legislation would make it easier for smaller employers to join open multiple-employer plans, ease non-discrimination rules for frozen defined benefit plans and add a safe harbor for selecting lifetime income providers in defined contribution plans.
Late last week, a new version of the Retirement Enhancement Savings Act (RESA) was introduced in the Senate. This bill would encourage employees to increase their retirement savings annually through automatic increases in contributions to 401(k) plans and require employers to provide estimates of how much an employee's account would provide during retirement if it were invested in an annuity.
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