Republicans are looking to overhaul retirement plans in tax cut bill
As part of a package to make the tax cuts passed last year permanent, Republican Rep. Kevin Brady, chair of the House Ways and Means Committee, will include a proposal that would drastically change the way Americans save for retirement.
Brady’s proposal is expected to include a revamped version of the Retirement Enhancement and Savings Act of 2018 that was proposed in March. The bill could make it easier for small businesses to offer 401(k) retirement accounts to workers and provide some with annuity-like vehicles, which provide guaranteed income during retirement.
“In many ways, this provision helps recreate traditional pension plans that used to promise workers that no matter how long they lived, they’d get a monthly check thanks to their former employer,” Dirk Kempthorne, CEO of the American Council of Life Insurers wrote in an op-ed.
The changes would be the most significant to retirement savings since 2006. That could be especially important as nearly half of working-age families have nothing saved in retirement accounts. Analysis from the Federal Reserve found that the median working-age family had only $5,000 saved in 2013.
https://www.yahoo.com/news/republicans-looking-overhaul-retirement-plans-tax-cut-bill-190759301.html
It would be nice if for once the Republicans acted in the true interest of the public, instead of promoting a sham effort with no chance of passing just to pretend they care.
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