Top Democrat: Congress could pass retirement bill as soon as this year

House Ways and Means Committee Chairman Richard Neal Richard Edmund Neal On The Money: Biden, Democratic leaders push for lame-duck coron...


House Ways and Means Committee Chairman Richard NealRichard Edmund NealOn The Money: Biden, Democratic leaders push for lame-duck coronavirus deal | Business groups shudder at Sanders as Labor secretary | Congress could pass retirement bill as soon as this year Top Democrat: Congress could pass retirement bill as soon as this year Momentum grows for bipartisan retirement bill in divided Congress MORE (D-Mass.) said Thursday that Congress could pass legislation to help people save for retirement as soon as this year.

“I think retirement savings is going to be very, very important going forward,” Neal said at a virtual event hosted by The Hill. He added that the next round of retirement legislation could be passed “in a lame-duck session or certainly very early next year.”

Neal and Rep. Kevin BradyKevin Patrick BradyOn The Money: Biden, Democratic leaders push for lame-duck coronavirus deal | Business groups shudder at Sanders as Labor secretary | Congress could pass retirement bill as soon as this year Top Democrat: Congress could pass retirement bill as soon as this year Momentum grows for bipartisan retirement bill in divided Congress MORE (Texas), the top Republican on the House Ways and Means Committee, last month introduced bipartisan legislation with a host of provisions aimed at helping people save for retirement. The new bill builds on bipartisan retirement legislation that was enacted last year, and similar legislation has been introduced in the Senate by Sens. Rob PortmanRobert (Rob) Jones PortmanOn The Money: Biden, Democratic leaders push for lame-duck coronavirus deal | Business groups shudder at Sanders as Labor secretary | Congress could pass retirement bill as soon as this year Top Democrat: Congress could pass retirement bill as soon as this year Momentum grows for bipartisan retirement bill in divided Congress MORE (R-Ohio) and Ben CardinBenjamin (Ben) Louis CardinOn The Money: Biden, Democratic leaders push for lame-duck coronavirus deal | Business groups shudder at Sanders as Labor secretary | Congress could pass retirement bill as soon as this year Top Democrat: Congress could pass retirement bill as soon as this year Senate majority battle snags Biden Cabinet hopefuls MORE (D-Md.).

Congressional observers think it could be challenging for lawmakers to pass retirement legislation in the lame-duck session, given the need to pass a bill to prevent a government shutdown during that period. But lobbyists and other tax experts think a retirement bill could pass in 2021 even if there is a divided Congress.

Neal noted that the retirement bill enacted last year had overwhelming bipartisan support in the House. He highlighted a provision in his new bill with Brady that would raise the age for required minimum distributions from retirement plans from 72 to 75, as people are working and living longer. 

Neal also said he was planning to continue to push a separate proposal of his to create automatic payroll deduction Individual Retirement Accounts (auto IRAs). Republicans have been critical of this idea in the past, but President-elect Joe BidenJoe BidenBiden has spoken with some GOP senators, chief of staff says Trump told advisers he could announce 2024 bid shortly after certification of Biden win: report Obama ‘troubled’ by GOP attempts to cast doubt on election results: ‘That’s a dangerous path’ MORE has expressed support for it.

“I intend to use the next two years to further enhance retirement savings, making better use of automatic enrollment, and trying very hard to pass my auto IRA bill,” Neal told The Hill’s Steve Clemons.

The Hill’s event was sponsored by AARP.



Source link

COMMENTS

Name

Africa,702,Americas,3697,Art & Culture,13844,Arts,6230,Arts & Design,1476,Asia,3045,Automobile,399,Baseball,484,Basketball,378,Books,3637,Business,5050,Celebrity,2527,Cricket,527,Crime,94,Cryptocurrency,1270,Dance,564,Defense,740,Diplomatic Relations,2405,Economy,967,Editorial,260,Education,1072,Elections,287,Energy & Environment,2916,Entertainment,21599,Environment,3381,Europe,3954,Faith & Religion,181,Family & Life,712,Fashion & Style,2994,Finance,18278,Food & Drink,3491,Football,998,Games,56,Gossip,10153,Health & Fitness,3807,Health Care,761,Hockey,165,Home & Garden,811,Humour,835,Latin America,49,Lifestyle,15640,Media,431,Middle East,1365,Movies,1555,Music,2412,Opinion,2526,Other,10651,Other Sports,4788,Political News,11042,Political Protests,2199,Politics,16868,Real Estate,1641,Relationship,59,Retail,3011,Science,2366,Science & Tech,9206,Soccer,135,Space & Cosmos,251,Sports,10888,Technology,3208,Tennis,489,Theater,1508,Transportation,234,Travel,2408,TV,3437,US Sports,1346,Video News,3531,War & Conflict,937,Weird News,929,World,14967,
ltr
item
Newsrust: Top Democrat: Congress could pass retirement bill as soon as this year
Top Democrat: Congress could pass retirement bill as soon as this year
https://thehill.com/sites/default/files/nealrichard_061820bc_lead.jpg
Newsrust
https://www.newsrust.com/2020/11/top-democrat-congress-could-pass.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2020/11/top-democrat-congress-could-pass.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content