Rep. Richard Neal, D-Mass., the chairman of the powerful House Ways and Means Committee, was reelected Thursday to that post.
“This past Congress, Ways and Means Democrats wasted no time with our majority. We passed legislation to lower prescription drug prices, increase Americans’ retirement savings, redesign the IRS, reduce the number of children requiring placement in foster homes, and provide expanded tax credits to low-wage workers and middle-class families,” Neal said in a statement.
Neal and ranking member Kevin Brady, R-Texas, introduced bipartisan legislation on Oct. 27, 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.