Another retirement bill to follow. The Retirement Security & Savings Act of 2019 was recently re-introduced by Senators Ben Cardin and Rob Portman. A few highlights from this bill:
- Age for required minimum distributions increased to 75.
- Allow participants with Roth accounts in 457(b), 401(k), 401(a), and 403(b) plans to roll Roth IRA assets into these plans.
- Permit 457(b), 401(a), 401(k) and 403(b) plan participants to make qualifying charitable distributions, which under current law are only allowed from IRAs.
- Higher catch-up limit to apply at age 60.