On May 23, U.S. House lawmakers overwhelmingly approved a retirement bill, the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.” The vote was 417-3. The bill provides incentives for retirement security by encouraging more businesses to offer retirement plans and expanding opportunities for workers to invest. It includes an increased, autoenrollment safe harbor cap and simplified safe harbor 401(k) rules. Other provisions include raising the age for taking required minimum distributions from 70½ to 72 and providing an automatic enrollment credit for small employers. The Senate hasn’t indicated when it will take up the bill. Contact the CG Team with questions via the form to the right or call 732.676.4100. © 2019