A wide-ranging package of retirement reforms that drew strong bipartisan support in the previous Congress has been revived in the House by Reps. Ron Kind, D-WI, and Mike Kelly, R-PA. The Retirement Enhancement and Savings Act of 2019 (RESA) (HR 1007) would, like prior versions of the bill, offer nondiscrimination testing relief (but not a free pass) to closed pension plans, promote defined contribution (DC) multiple employer plans (MEPs), seek to spur 401(k) savings, and encourage lifetime income options in DC plans, among other proposals.
Key provisions would:
A number of similar provisions passed the House late last year as part of broad Republican tax legislation but never made it to the Senate floor. Reps. Kind and Kelly — both members of the Ways and Means Committee — introduced the bill to coincide with the panel’s Feb. 6 hearing titled “Improving Retirement Security for America’s Workers.” The committee chairman, Rep. Richard Neal, D-MA, who has made retirement security a top priority, called the bill a "solid starting point." Next steps for the measure are unclear, but a Senate version is expected and many if not all RESA reforms could advance as part of legislation expected from Neal and other House and Senate members in the coming weeks.