The “most significant” changes included in the recently proposed SECURE Act and RESA bill fall into two buckets: efforts to get more small businesses to offer workplace retirement savings plans and changes to IRA rules, including on required minimum distributions, according to Elizabeth Kelly, the former special assistant to the president on the National Economic Council for the Obama administration.
Kelly, who is now senior vice president of operations at United Income, a retirement planning firm, told ThinkAdvisor in a Wednesday email message that both the Senate Finance Committee’s Retirement Enhancement and Savings Act (RESA) and the House Ways and Means Committee’s Setting Every Community Up for Retirement Enhancement, or SECURE, Act “would allow older Americans still in the workforce to continue making tax-deferred contributions to traditional IRAs after age 70.5, rather than just post-tax contributions to Roth IRAs and brokerages.”
To follow a conversation on the recent retirement bills, between ThinkAdvisor executive editor Ronald Pechtimaldjian and Washington Bureau Chief Melanie Waddell on Monday, April 29, register here:
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