Estimated reading time: 0 minutes, 41 seconds

Introducing the 'Securing a Strong Retirement Act of 2020'

U.S. House of Representatives Ways and Means Committee Chairman Richard Neal (D-Mass.) and Ranking Member Kevin Brady (R-Tx) introduced legislation aimed at expanding automatic enrollment in retirement plans and savings options for nonprofit workers. So reports Plan Sponsor.

US Capitol washington dc 2533244 640The 130-page Securing a Strong Retirement Act of 2020 is set to build on 2019's SECURE Act.

Some of the legislation’s goals, according to the American Council of Life Insurers (ACLI), are:

  • To get employees to save earlier for retirement
  • To promote automatic enrollment in 401(k) plans
  • Incentive small businesses to offer retirement plans
  • “Increase and modernize the existing federal tax credit for contributions to a retirement plan or IRA (the saver’s credit)”
  • Provide nonprofit employees with more retirement savings options by allowing nonprofits to band together to offer retirement plans

Read the full article from Plan Sponsor.

Read 956 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.