401(k) changes part of bipartisan bill heading to Trump’s desk – By Brittany De Lea, Evie Fordham (FOX Business) / Dec 20 2019
Part-time workers would be allowed to participate in 401(k) plans with certain restrictions
A bill to expand Americans’ access to retirement accounts is heading to President Trump’s desk after the Senate approved it 71-23 on Thursday.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision that would raise the age for IRA required minimum distributions and allow Americans over age 70 ½ to make traditional IRA contributions. It would also allow penalty-free retirement plan withdrawals for new parents and let part-time workers to participate in 401(k) plans with certain restrictions.
The SECURE Act was tied to a bill that Congress had to pass in order to sidestep a government shutdown at the end of the week.
The bill would also make it easier for companies to band together to offer multi-employer plans. Some businesses would be required to allow some part-time workers to participate.
Continue to article: https://www.foxbusiness.com/money/401k-secure-act-retirement-bill-ira
