A key House committee on Tuesday passed a bill intended to increase the flexibility of 401k plans and improve access to the accounts, particularly for small businesses and their employees.
The most comprehensive changes to private retirement plans in more than a decade are gaining momentum in Congress.The proposal, known as the Secure Act, was backed by the top Democrat and Republican on the tax-writing Ways and Means committee."Americans currently face a retirement income crisis, with too many people in danger of not having enough in retirement to maintain their standard of living and avoid sliding into poverty," committee Chairman Richard Neal said Tuesday.
The bill includes a host of provisions aimed at encouraging small businesses to provide private retirement benefits to their workers. It allows them to band together to offer 401ks and creates a new tax credit of up to $500 for companies that set up plans with automatic enrollment. Businesses with long-term, part-time workers must also allow them to become eligible for retirement benefits.
But those efforts have stalled on their own, said Paul Richman, chief government officer at the Insured Retirement Institute, a trade group. He said the Secure Act aims to"modernize" the system.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House to vote Tuesday on condemning Trump's renewed effort to repeal 'Obamacare'The House will vote Tuesday on a resolution condemning the Trump administration’s support of a federal lawsuit that could overturn 'Obamacare.'
Read more »
House panel votes to subpoena former White House official over security clearancesThe move comes after whistleblower Tricia Newbold’s allegation that her superior, Carl Kline, overruled multiple clearance denials and then retaliated against her when she objected.
Read more »
House Oversight Committee approves subpoena for probe into White House security clearancesThe House Oversight Committee just approved a subpoena for an investigation into White House security clearances
Read more »
House Oversight panel votes to subpoena ex-White House official on security clearance concernsThe Democrat-led panel also voted to authorize subpoenas about the administration's decision to include a citizenship question in the 2020 census.
Read more »
White House whistleblower tells House panel about 'systematic' security clearance problemsA White House Personnel Security Office employee alleges that Trump administration officials often ignore national security concerns to grant clearances to people who were initially denied access to top-secret information
Read more »
U.S. vice president to meet families of Citgo workers detained in VenezuelaU.S. Vice President Mike Pence on Tuesday will meet at the White House with fami...
Read more »
U.S. House panel OKs move to give Congress records of FBI probes against TrumpHouse Speaker Nancy Pelosi says an ‘interpretation’ of the Mueller report isn’t enough and the full document should be made available. More:
Read more »
Democrats threaten subpoenas over White House security clearances for Kushner, othersHouse Oversight Democrats are intensifying their search for answers about White House security clearances, preparing a subpoena as soon as this week for the former White House personnel security director to testify.
Read more »
White House granted about 25 people security clearances over objections, whistleblower saysHouse Oversight Committee Chairman Elijah Cummings told White House counsel Pat Cipollone that his committee plans to begin authorizing subpoenas beginning Tuesday.
Read more »