House committee passes bill to upgrade 401(k) plans amid 'retirement income crisis'

Not complaining but would have been better news 10 years ago instead of about 2 years from retirement

LTC Stephen F. SP5 Mark Kuzinski COL Mikel J. Burroughs SMSgt Lawrence McCarter Maj William W. 'Bill' PriceCPL Dave Hoover SSG William Jones Sgt Vance Bonds SGT (Join to see) Cpl (Join to see) SGT Rick Colburn PO1 H Gene Lawrence Maj Robert Thornton PO3 Bob McCord SPC Douglas Bolton CWO3 Dennis M. Lt Col Charlie Brown TSgt Joe C. PO3 Craig Phillips CW5 Jack Cardwell

Too many people don't save toward retirement assuming incorrectly that social security will cover all the bills.

Thank you, my friend CW5 Jack Cardwell for posting.
I am glad the Secure Act proposal:
1. raises the age for required mandatory distributions from 70½ to 72.;
2. "expands the use of 529 plans, from only college-related expenses to include home schools and student loans;"
3. includes a "host of provisions aimed at encouraging small businesses to provide private retirement benefits to their workers" including allowing "them to band together to offer 401(k)s and creates a new tax credit of up to $500 for companies that set up plans with automatic enrollment."

I pasted significant text below
"The most comprehensive changes to private retirement plans in more than a decade are gaining momentum in Congress.
A key House committee on Tuesday unanimously passed a bill intended to increase the flexibility of 401(k) plans and improve access to the accounts, particularly for small businesses and their employees.
The proposal, known as the Secure Act, was backed by the top Democrat and Republican on the tax-writing Ways and Means committee.

The bill includes:
A host of provisions aimed at encouraging small businesses to provide private retirement benefits to their workers.
It allows them to band together to offer 401(k)s and creates a new tax credit of up to $500 for companies that set up plans with automatic enrollment.
Businesses with long-term, part-time workers must also allow them to become eligible for retirement benefits.
Several measures that would affect other types of savings are included in the bill.

It repeals the maximum age for IRA contributions and raises the age for required mandatory distributions from 70½ to 72.
It also expands the use of 529 plans, from only college-related expenses to include home schools and student loans."

Thank you, my friend Maj Marty Hogan for mentioning me.
FYI LTC Stephen C. LTC (Join to see) Lt Col John (Jack) Christensen Maj Bill Smith, Ph.D. Maj William W. 'Bill' Price SCPO Morris Ramsey SFC William Farrell SGT Mark Halmrast Sgt Randy Wilber Sgt John H. SGT Gregory Lawritson CPL Dave Hoover SPC Margaret Higgins SSgt Brian Brakke 1stSgt Eugene Harless SSG William Jones SSG Diane R.