Overhaul of retirement plan rules?
The Securing a Strong Retirement Act of 2021 (H.R. 2954) would make numerous changes in current rules for qualified retirement plans and IRAs. The aim of the measure is to increase retirement savings. Among other things, the measure would expand automatic enrollment by requiring 401(k) plans to have this enrollment feature. It would also double the tax credit and extend the credit period for small employers (no more than 50 employees) that adopt a qualified retirement plan. If enacted, the changes generally would apply after 2021. #IdeaoftheDay