The Senate introduced bipartisan legislation, the Retirement Enhancement and Savings Act of 2016, which includes provisions to make multiple employer plans (MEPS) more appealing as well as allow individuals older than 70 ½ to continue contributing to IRAs.
The bill was reported out of the Senate Finance Committee on a bipartisan basis in September, along with the Miners Protection Act of 2016. The next step for the bills is a vote on the Senate floor, but such a vote is to be determined by the Senate Majority Leader.
In commenting on the legislation, Lynn Dudley, senior vice president, global retirement and compensation policy for the American Benefits Council, said that the lame-duck congressional session “presents lawmakers with an opportunity to advance several measures that would improve workers’ retirement security. We urge Congress to focus its energies on enactment of retirement policy reforms with broad bipartisan support.”
Senate Finance Committee Chairman Orrin Hatch, R-Utah, said the bills are the result of “bipartisan cooperation by members from both sides of the aisle that will assist employers, beneficiaries and hard-working Americans. … We now have a real opportunity to enact legislation that will allow open multiple employer plans for employees working for companies of all sizes, increasing access for a number Americans hoping to save for their future.”