The House Passes the Family Savings Act

The Family Savings Act (H.R. 6757), passed by the House of Representatives yesterday, would help small employers create retirement plans and give plan participants greater access to guaranteed lifetime income solutions.
 
“NAIFA has long supported efforts by Congress to encourage Americans to increase their retirement savings and make it easier for them to do so,” said NAIFA CEO Kevin Mayeux. “The House of Representatives’ passage of the Family Savings Act (H.R. 6757) is a strong step in that direction, and NAIFA would like to thank bill sponsor Rep. Mike Kelly (R-PA) and his 29 cosponsors for promoting the legislation.”
 
Additional provisions, such as giving plan participants projections of how much retirement income will result from their current savings and simplifying tax filings for plan sponsors, would go even further to help Americans avoid financial hardships during retirement.
 
“NAIFA will work with members of Congress as the Senate considers legislation to help small businesses and American workers promote retirement readiness,” Mayeux added.
 
Mayeux signed onto a letter to House leaders from industry leaders commending them for passage of the bill.
 
  • Posted September 28, 2018 IN


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