House Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Texas, introduced bipartisan legislation Tuesday, the Securing a Strong Retirement Act of 2020, which would boost the required minimum distribution age from 72 to 75.
The legislation builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
Under current law, generally, those aged 72 and older must take RMDs from employer-sponsored defined contribution plans and traditional IRAs.
Neal and Brady’s bill would increase the age to 75, and would be effective for distributions required to be made after Dec. 31, 2020, with respect to individuals who turn 72 after that date.
“Increasing the age for required minimum distributions will allow Americans to keep more of their savings in retirement plans for a longer period of time,” the bill states.