Ranking member Kevin Brady, R-TX, said he was “optimistic” the bill will land on President Trump's desk by the end of the year. (Photo: Shutterstock)
An amended version of the Setting Every Community Up for Retirement Enhancement, or SECURE Act of 2019, sailed through the House Ways and Means Committee today on a unanimous vote.
The bill includes a key provision on so-called Open Multiple Employer Plans that was left out of the legislation's original text when it was introduced last week.
For small employers, the SECURE Act increases the automatic escalation deferral cap from 10 to 15 percent for safe harbor 401(k) plans, increases small employers' tax credit for starting retirement plans, and creates a small employer tax credit for implementing automatic enrollment.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
