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.
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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.
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