State Chamber Update
Anyone that knows the State Chamber, understands that our membership is comprised of businesses representing every imaginable industry and of every size. And, many of our small business members struggle to offer competitive benefits packages to attract and retain employees. It was heartening, therefore, to see Congress move closer to enacting The Secure Act (as it is known in the U.S. House). This bill would make it “easier for small businesses to band together to offer 401(k) plans and eliminate the maximum contribution age on traditional individual retirement accounts (currently 70½ ).” This bill now moves to the Senate where the companion measure, known as the “Retirement Enhancement and Savings Act” or RESA, has provisions that largely mirror the recently passed House version. However, the Senate bill “does not include some of the Secure Act (House Bill) proposals, including an increase in the age for required minimum distributions (RMD’s) and the requirement that companies provide 401(k) access to part-time workers.”
I think bills like this address a personal finance need while helping small employers’ band together and compete for talent.
to read more from CNBC.