Man Bites Dog! Congress Is Writing Retirement Legislation!
It is poised to pass its first retirement bill in more than a decade.
In 2006, Congress passed the Pension Protection Act, which, among other provisions, encouraged 401(k) plan sponsors to offer automated-enrollment programs and expanded the use of target-date funds. Since that bill’s passage, though, Congress has effectively ignored retirement issues.
At long last, that is changing. Last week, the House of Representatives passed a bipartisan bill out of the Ways and Means Committee. The Senate followed suit, releasing a similar proposal from its Committee on Finance, co-sponsored by Republican Chuck Grassley and Democrat Ron Wyden. With the House and Senate operating in unison and prominent members of both parties in support, passage seems likely.