Another Lame-Duck Push to Pass Retirement Savings Reform

401k, reform, retirement, legislation

C'mon boys, now it's just getting obnoxious.

Anyone keeping count?

Senators Rob Portman, R-Ohio, and Ben Cardin, D-Maryland, introduced the “Retirement Security & Savings Act” on Wednesday, a broad set of reforms designed to help Americans save more for retirement and increase access to 401ks and other retirement plans.

The bill includes more than 50 provisions to increase savings in 401ks and IRAs, help improve coverage in the small employer market and among part-time workers, reduce barriers to lifetime income retirement options, and discontinues required minimum distributions.

The legislation builds on Portman and Cardin’s retirement previous reforms in 1996, 2001, and 2006 when they were members of the House.

The 2001 Portman-Cardin measure doubled contribution limits to IRAs, allowed portability between different types of qualified retirement plans, and created the ability for older workers to make catch-up contributions to 401ks and IRAs.

Since it became law, the politicos claim 401k and other defined contribution plan assets have increased by 179 percent and savings in IRAs, including rollovers from retirement plans, have more than tripled.

Provisions of the bill include:

Increasing Retirement Savings in IRAs and Workplace Plans

Improving Access to Workplace Plans in the Small Employer Market

Reducing Costs and Other Barriers to Lifetime Income Retirement Options

Relief from Onerous Minimum Distribution Rules for Individuals

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