New Bill Includes RMD Increase, Income Annuity and Student Loan Provisions – ThinkAdvisor

What You Need to Know

Two senators have tossed another bill into the river of retirement legislation flowing into the Senate Finance Committee and the House Ways and Means Committee.

Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio,last week reintroducedS. 1770, the Retirement Security & Savings Act, which includes a few new provisions.

The Portman-Cardin legislationwill likely get rolled into theSecure Act 2.0, officially calledthe Securing a Strong Retirement Act of 2021, which was approved by a House panel in early May and is widely expected to pass the full House.

The bills we have seen introduced in the past weeks demonstrate that momentum is building for the enactment of another comprehensive bipartisan retirement bill, Paul Richman,chief government and political affairs officer for the Insured Retirement Institute, told ThinkAdvisor Monday in an email. We believe these bills form a strong foundation to help Americas workers and retirees build economic equity, strengthen their financial security, and protect their income to sustain them throughout their retirement years.

The Portman-Cardin bill plus the Grassley-Hassan-Lankford bill [Improving Access to Retirement Savings Act]comes close to the Neal-Brady [Secure Act 2.0] bill so theres lots to work with, an IRI spokesperson added.

Key provisions in the bill would:

The bill is under the jurisdiction of the Senate Finance Committee.

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New Bill Includes RMD Increase, Income Annuity and Student Loan Provisions - ThinkAdvisor