Senate Bill Could Change 401(k) Plans

Senate Bill Could Change 401(k) Plans

A bipartisan bill in the Senate could change 401(k) plans and improve access to retirement savings. The Retirement Enhancement and Savings Act of 2018 aims to encourage more small business owners to offer retirement savings benefits to their employees and would increase the use of annuities in 401(k) plans.

The bill would modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges.

RESA would increase tax credit for small employer pension plan startup costs and allow a tax credit for small businesses that establish retirement accounts that include automatic enrollment.

The bill was originally introduced in 2016, but wasn’t able to gain a full vote in the Senate.

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