Sources say the SECURE Act could pass the House this month, potentially setting the stage for a reconciliation process that could bring together common elements of multiple pending bills.
Besides a lengthy Finance Committee hearing discussing the popular RESA legislation, the day on Capitol Hill also brought news of the introduction of the new Retirement Security and Savings Act.
The House Ways & Means Committee has already approved the bill, which mirrors many of the key provisions of the Retirement Enhancement and Savings Act.
A section-by-section overview of the Retirement Enhancement and Savings Act of 2019, which was just introduced in the U.S. Senate.
Among the proponents of the retirement enhancement legislation is the Insured Retirement Institute, which expects the Ways and Means Committee to advance the new bill as soon as the first week of April.
A panel of expert witnesses from across the financial services domain discussed shortcomings and opportunities for improvement in the U.S. retirement savings system; they urged House members to embrace bipartisanship and commonsense solutions.
Mostly party-line House action this week included passage of the Family Savings Act, which features key provisions drawn directly from the popular Retirement Enhancement and Savings Act.