Boosts Retirement Savings
WASHINGTON, DC—Today, Congressman David Kustoff (TN-08) announced he is a co-sponsor of H.R. 2954, the Securing a Strong Retirement Act of 2021 (SECURE Act 2.0). This bill expands automatic enrollment into workplace retirement plans, creates a new financial incentive for small businesses to offer retirement plans, and raises the required minimum distribution age from 72 to 75.
The first phase of the SECURE Act was enacted in 2019. This bill increased the age threshold for required distributions from individual retirement accounts and allowed some part-time workers to participate in 401(k) plans.
“This important bill builds on the SECURE Act of 2019 by expanding automatic enrollment, simplifying retirement plan rules, and strengthening small businesses’ ability to offer workplace retirement plans,” said Rep. Kustoff. “The SECURE Act 2.0 puts West Tennesseans and all Americans one step closer to improving their financial security, especially now as we recover from the COVID-19 pandemic.
Original source can be found here.
