The bill aims to make it easier for people to save for retirement.
House Ways and Means Committee Chairman Richard Neal at a hearing on Capitol Hill in Washington. The House overwhelmingly approved a bill Thursday to promote retirement security by making it easier for small businesses and other companies to offer retirement plans. relaxes the rules for retirement saversThe bipartisan bill, approved 417-3, also makes it easier for workers to transfer retirement plans when they change jobs and allows part-time workers to save for retirement.
The bill now goes to the Senate. Republican Chuck Grassley of Iowa, chairman of the Senate Finance Committee, predicted quick passage, which would make it one of the few pieces of legislation this year that might be approved by the Senate and signed into law. An amendment recently added to the bill reverses an error in the 2017 tax law that had caused military families known as “Gold Star” families to owe much higher taxes on survivor benefits.
Known as the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, the bill makes long-planned changes supported by both parties. Rep. Mike Kelly said the measure will “help future retirees prepare for the golden years and make it easier for businesses to help in that effort.” AARP hailed the provision allowing part-time workers to gain access to an employer's retirement savings plan. The measure will help older workers and caregivers who shift from full-time work to part-time status or return to the workforce on a part-time basis, the group said.
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