The Setting Every Community Up for Retirement Enhancement or SECURE Act has been passed by the House of Representatives. The bill is designed to improve accessibility to retirement savings opportunities for employees of small businesses and increase the flexibility of 401(k) plans and IRAs to allow for greater savings as well. Key provisions include a repeal of the maximum age for IRA contributions and an increase in the age for IRA minimum required distributions from 70 ½ to 72, a loosening of the withdrawal rules for 529 monies, and tax credits for employers establishing new 401(k)s and those offering auto-enrollment. The bill also includes provisions designed to encourage small businesses to provide retirement savings opportunities to employees.
www.CNBC.com; April 8, 2019.
www.bloomberglaw.com; March 29, 2019.