The most comprehensive changes to private retirement plans in more than a decade are gaining momentum in Congress.
div > div.group > p:first-child"> A key House committee on Tuesday unanimously passed a bill intended to increase the flexibility of 401 plans and improve access to the accounts, particularly for small businesses and their employees.
The bill is one of the few proposals with a significant chance of becoming law amid a bitterly divided Congress. Elements of the bill have been debated among members for years and enjoy wide support among both industry groups and advocacy organizations. On Tuesday, Neal called the legislation"a major bipartisan accomplishment."
But those efforts have stalled on their own, said Paul Richman, chief government officer at the Insured Retirement Institute, a trade group. He said the Secure Act aims to"modernize" the system.
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