From Forbes —
President Trump and Congress made their mark on the United States in 2017 with the most significant tax reform in 30 years. With four significant pieces of retirement reform legislation before Congress, retirement reform could be the dark horse of 2019. Each piece appears to have some level of bipartisan support in their current drafts, while multiple state level and regulatory advancements to retirement savings are also moving forward.
At the federal level, the four major retirement acts with traction are:
1. Retirement Enhancement and Savings Act (RESA)
Initially introduced in 2016, the bill was reintroduced in 2019. It has been the main focus of retirement policy in Congress over the past few years. According to Shai Akabas, Director of Economic Policy at the Bipartisan Policy Center, “there is an expectation in Washington that this bill will move on a bipartisan basis relatively soon.”
The bill would make a number of changes and modifications to the existing retirement system by: expanding access for workers in multiple employer defined contribution plans; removing the age limitation on IRAs for contributions; removing some restrictions on automatic enrollment in 401(k)s; and easing the path to use lifetime income options inside a qualified retirement plan.