When a bill to improve Americans’ retirement security sailed through the House last month, it looked like the country was on the brink of the first major retirement reform since 2006.
Then the bill went to the Senate. Weeks later, it still has not come up for a vote.
Known as the Secure Act, the proposal is aimed at enhancing retirement by making it easier for more individuals to save.
Key changes include allowing small employers to band together to offer 401(k) plans, giving part-time workers access to retirement plans, repealing the 70½ age limit for individual retirement account contributions, boosting the age for required minimum distributions to 72 from 70½ and expanding access to annuities in 401(k) plans.
The Secure Act was approved by the House on May 23 by 417-3. Proponents were said to be hoping to push it through the Senate using a process called unanimous consent.
That means that the Senate would vote on the House version without making changes.
That hasn’t happened partly…