Progress for retirement provision in ‘Build Back Better’ bill   

'Among other things, the legislation would require employers without employer-sponsored retirement plans to automatically enroll their employees in IRAs or 401(k)-type plans,' according to a report today in the NAPA-Net newsletter from the National Association of Plan Advisors.

The House Ways and Means Committee has approved the retirement subtitle of the Build Back Better Act, legislation supported by the American Retirement Association as a way to help close the coverage gap and boost the existing retirement savings system, according to a report from the National Association of Plan Advisors. 

The retirement subtitle, which is estimated to cost nearly $47 billion over 10 years, was approved by the Committee Sept. 9 on a near party-line vote of 22-20. Reps. Stephanie Murphy (D-FL) and Ron Kind (D-WI) voted against the retirement legislation. It will now be sent to the House Budget Committee to be packaged with a larger set of other proposals as part of the budget reconciliation bill—the cost of which could reach $3.5 trillion—before moving to the full House of Representatives for consideration. 

To read the original story, click here:

For more details on the Subtitle B retirement provisions, click here. The legislative text for the retirement provisions (Subtitle B) is available here, and a Joint Tax Committee description of the legislation is here. 

(c) 2021 RIJ Publishing LLC.