Members of the House and Senate have put forward many ideas for modernizing the laws governing retirement plans, but so far they have failed to achieve the sweeping reform that has been discussed over multiple Congresses.
On the same day as the introduction of the new Retirement Security and Savings Act, the Senate Finance Committee heard from retirement industry witnesses about the need to pass numerous federal retirement reforms.
Like RESA, the SECURE Act contains popular measures to help Americans prepare for their long-term financial future by expanding opportunities to save for retirement in tax-qualified accounts.
A 2019 version of the popular “RESA” legislation has been reintroduced in the Senate, which has published a helpful section-by-section summary of the sweeping retirement reform proposal.
The new legislation includes the core provisions of H.R. 1007, the Retirement Enhancement and Savings Act.
Given their diverse backgrounds, the speakers shared different points of emphasis in their testimony, but they all called on the lawmakers present to embrace bipartisanship and to enact commonsense solutions.
Before the House passed the Family Savings Act, leadership added the Senate’s annuity selection safe harbor provision from RESA, potentially increasingly the appetite for compromise legislation.
Specific policy changes and plan sponsor initiatives can make guaranteed lifetime income a norm in the DC plan space, TIAA suggests.