US. House passes SECURE retirement bill with massive bipartisan support
The House of Representatives passed a sweeping retirement bill Thursday that makes it easier for small businesses to offer a workplace retirement plan, eases use of annuities in 401(k)s and raises the required minimum distribution age, among other changes.
The Setting Every Community Up for Retirement Enhancement Act, passed the House on a 417-3 vote and now heads to the Senate, where it is expected to pass by the end of the current legislative session. If the bill becomes law, it would represent the largest overhaul to retirement plans in over a decade.
“This is the most significant thing Congress has done on retirement security since the Pension Protection Act of 2006,” said Aron Szapiro, director of policy research at Morningstar Inc.
The SECURE Act focuses on the sustainability and adequacy of defined-contribution plans in the U.S., Mr. Szapiro said, seeking to ensure more Americans have the ability to save for retirement in the workplace and don’t outlive their savings.
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