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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.

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