Americans may soon enjoy greater access to retirement plans and could be able to delay withdrawing their savings, thanks to new legislation advancing through Congress.
While not yet a done deal, the Securing a Strong Retirement Act of 2021 has received bipartisan approval in the House Ways and Means Committee.
“We are now one step closer to improving Americans’ financial security, and hope to see this measure move through Congress and be signed into law in short order,” committee Chairman Richard Neal (D-Mass.) and ranking member Kevin Brady (R-Texas) said after the committee passed the bill last week.
If passed into law, the bill would build upon the changes to retirement law that began taking effect last year under the Secure Act of 2019. Specifically, the new bill would accomplish the following major changes.
These changes — and many others in the bill — would help millions of workers prepare for retirement, ranging from recent college graduates who don’t know where to start to the workers closest to the goal line. It would also help retirees hold on to more of their retirement savings for longer.
To become law, the Securing a Strong Retirement Act will still need to pass both chambers of Congress and receive the president’s signature. The next major step is a full vote in the House of Representatives.
1. Expand automatic 401(k) and 403(b) enrollment
With some exceptions, new employees who become eligible to…
