Both the House and the Senate see The Secure Act as the first step in providing meaningful legislation to help solve the issues surrounding Retirement Savings and Income. Chairman of the House Ways & Means Committee and NAFA’s Legislator of the Year,  Hon. Richard Neal, D-Mass, is quoted in Pensions & Investments.

January 13, 2020

Legislators won’t rest on laurels; further work already in pipeline

Even with the passage of the first retirement security package in more than a decade shortly before the holiday recess, there is more retirement-related legislation that could get a look in 2020.

While the Setting Every Community up for Retirement Enhancement Act of 2019, referred to as the SECURE Act, signed into law Dec. 20 was a thrill for those in the retirement community, leaders in both chambers of Congress are motivated to do more.

In the House, Rep. Richard Neal, D-Mass., chairman of the Ways and Means Committee, has indicated that work on retirement security bills does not end with the SECURE Act.

“Improving Americans’ retirement security remains a top priority of mine as Congress returns to Washington in 2020,” Mr. Neal said in a statement to Pensions & Investments. He’s working “bipartisanly on legislation that will essentially be the SECURE Act 2.0. I’m aiming to move the Automatic Retirement Plan Act and the Retirement Plan Simplification and Enhancement Act with that package.”

Mr. Neal introduced the Automatic Retirement Plan Act, which would require many employers to offer a 401(k) or 403(b) plan, and the Retirement Plan Simplification and Enhancement Act, which among other provisions, would exempt retirement savings below $250,000 from complicated required minimum distribution rules and make it easier to take advantage of the saver’s credit — in 2017 but has yet to do so this Congress.