Senate Passes Secure Act With Spending Bill
December 23, 2019 by Melanie Waddell
The full Senate passed by a 71-23 vote Thursday the Setting Every Community Up for Retirement Enhancement (Secure) Act as part of the year-end spending bill.
The spending package is expected to be signed into law by President Donald Trump on Friday as the current continuing resolution funding the government expires.
Andy Friedman, founder and principal at The Washington Update, told ThinkAdvisor that the Secure Act , H.R. 1994, “affects IRA and 401(k) account holders favorably by increasing the RMD age and eliminating restrictions on IRA contributions for certain workers.”
The sweeping retirement bill also “curtails the use of ‘stretch IRAs,’” he said, “although that strategy remains available.”