Passage of the SECURE Act in the House comes after years of concerted lobbying from retirement plan service providers, trade organizations, and consumer advocates. (Photo: Shutterstock)
The most sweeping retirement legislation in more than a decade passed today out of the U.S. House of Representatives by a 417 to 3 vote.
The SECURE Act's vast provisions include relaxed regulation of Open Multiple Employer Plans, new tax incentives for small businesses to sponsor retirement plans, a long-awaited annuity selection safe harbor for sponsors of retirement plans, the extension of the required minimum distribution age for qualified retirement plans, and the removal of the age cap on contributions to traditional IRAs.
“This is a providential day,” said Rep. Mike Kelly, R-PA, during the floor debate preceding the vote, referring to the bipartisan effort to advance the SECURE Act in House Ways and Means Committee.
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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.
