House Passes Secure Act Retirement Bill
May 29, 2019 by Melanie Waddell
The full House passed Thursday morning the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019, which would make it easier for small businesses to offer retirement plans and raises the required minimum distribution age to 72 from 70 1/2.
The bill, which passed by a 417-3 vote, also paves the way for more annuities in retirement plans and aims to raise revenue by changing the withdrawal rules on inherited IRAs by curtailing the “stretch IRA” strategy.
A House Rules Committee rule removed the portion of the bill that passed the House Ways and Means Committee allowing 529 account funds to be used for homeschooling, private elementary/high school expenses and special needs students.
But the bill still allows funds in 529 plans to be used to pay for student loans and apprenticeships.