Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and ranking member Ron Wyden, D-Ore., introduced the Retirement Enhancement and Savings Act (RESA) of 2019 on Monday. The act mirrors the House Ways & Means Committee’s new bipartisan legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
The SECURE Act, introduced Friday, makes it easier for annuities to be offered in 401(k) and 403(b) plans and raises the age for taking required minimum distributions from 70 1/2 to 72. It also incorporates measures from the previous House RESA bill.
Grassley and Wyden said their bill is the result of “the best ideas” from retirement discussions held by lawmakers since 2006.
The Finance Committee unanimously reported the Retirement Enhancement and Savings Act (RESA) as S. 3471 in November 2016, and Hatch and Wyden reintroduced the bill, S. 2526, in the 115th Congress with technical modifications.
As introduced Monday, RESA makes additional technical modifications.
“The Senate Finance Committee has held multiple hearings to discuss the retirement system over several Congresses,” the two senators said. “The Committee also has reviewed numerous proposals to improve the system, including ideas that came out of the Finance Committee’s Tax Reform Working Group on Savings and Investment in 2015.”
The Senate bill “is virtually identical” to a House bill introduced earlier this year, which was amended Friday with additional provisions and renamed the SECURE Act, according to the Insured Retirement Institute.
The SECURE Act is scheduled for a vote by the House Ways & Means Committee on Tuesday.