The House Offers a Small Step Forward on Retirement Savings

The U.S. House of Representatives will soon consider the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, introduced by House Ways and Means chairman Richard Neal (D-MA) and cosponsored by a bipartisan cohort. The Senate Finance Committee has introduced a similar bill, the Retirement Enhancement and Savings Act of 2019, but has yet to act on the legislation. The SECURE Act is the latest iteration in a series of retirement legislative proposals over the last thirteen years. It mirrors provisions of previous bills to encourage retirement saving and add flexibility for small businesses to form group retirement plans, while including a few new proposals. However, this legislation does not include a comprehensive solution, such as universal savings accounts, to simplify saving for retirement, nor does it remove the tax code’s bias against savings. Retirement accounts tax savings just once, which is the correct tax treatment. However, retirement…

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