Yesterday (December 19), Congress passed a spending bill containing sweeping retirement plan legislation, designed to allow and encourage Americans to save more. The portion of the legislation pertaining to retirement is called the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the full text of which can be found here. The changes are wide-ranging, and this article from The Wall Street Journal provides a good summary of many of them.
This legislation isn’t yet a done deal; it now goes to the President’s desk, where he is expected to sign the legislation into law. There is broad bi-partisan approval of the provisions, though, so it’s unlikely to remain unsigned for long.
Look for more detailed articles from us in the coming months exploring these changes in more detail.