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Retirement savings bill passes House, moves on to Senate


The U.S. House of Representatives today passed legislation that aims to improve the nation’s retirement savings, moving it a step closer to becoming law, CNBC reported. The Setting Every Community up for Retirement Enhancement (SECURE) Act of 2019, which passed on a 417-3 vote, includes a variety of provisions intended to increase the ranks of savers and the amount they put away. The changes include making it easier for small businesses to band together to offer 401(k) plans; requiring businesses to let long-term, part-time workers become eligible for retirement benefits; and repealing the maximum age for making contributions to traditional individual retirement accounts, which is currently 70½. The measure moves to the Senate, where a similar bill, the Retirement Enhancement Savings Act (RESA), has yet to be voted out of the Senate Finance Committee that’s chaired by Sen. Chuck Grassley. 

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