Life Groups Welcome the SECURE Act — RESA’s Bipartisan Retirement Bill Daughter
April 2, 2019 by Allison Bell
Life insurance and annuity industry groups today celebrated the unveiling of the new version of the “Retirement Enhancement and Savings Act” bill.
House Ways & Means Committee Chairman Richard Neal joined with both Democratic colleagues and Republican colleagues to introduce the “Setting Every Community up for Retirement Enhancement Act of 2019″ bill.
The first RESA bill surfaced in Congress in 2016. In late, 2018, Congressional appeared to be close to rushing another version of the RESA bill provisions to passage, as part of a must-pass spending bill. The effort to pass the RESA provisions in 2018 fell through.
The SECURE Act Bill
The new successor to the RESA bill, the SECURE Act bill, brings back RESA retirement savings incentive provisions, such as a safe harbor that employers can use when they’re choosing group annuity issuers to support 401(k) plan lifetime income stream options.
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