The House is scheduled to leave Washington on Friday and the Senate is expected to start its recess a week later, after which federal budget and debt ceiling negotiations will almost certainly take center stage.
Word on the Hill is that the Senate may decide to take up the House version of the SECURE Act as-is—and sooner rather than later.
Reflecting on the much-anticipated House vote, Kevin Walsh, principal with Groom Law Group, said today is an important day for the retirement industry, but it’s not the end of the story.
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.
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.