What’s in the New 401(k) Retirement Bills
Retirement plans could see some major changes if proposed new legislation is approved by Congress. “They have so many bills,” says Ed Slott, president and founder of Ed Slott and Company. “Some people call the whole batch SECURE 2.0. There’s an EARN Act (Enhancing American Retirement Now). One is the Retirement Protection Act. There’s a bunch of different acts here.”
These retirement bills would:
Increase the maximum annual contribution for retirement accounts by $4,000.
Increase the age when you must begin required minimum distributions.
Require automatic enrollment and escalation for employer-sponsored plans.