Congress Set to Pass Major Retirement Bill

Congress Set to Pass Major Retirement Bill

Lawmakers are expected to pass the first major piece of retirement legislation in a decade this week.

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, was incorporated into the $1.4 trillion appropriations bill that the House of Representatives passed on Tuesday and the Senate is expected to approve before the current continuing resolution keeping the federal government open expires on Friday evening.

The White House has indicated President Trump will sign the appropriations bill into law.


  • Repeals age restrictions that currently prevent investors over age 70 ½ from contributing to traditional IRAs;
  • Allows investors who work past age 70 ½ to contribute to their IRAs;
  • Enable part-time workers to contribute to 401(k) plans;
  • Allows investors to access up to $5,000 penalty-free in cases of birth or adoption;
  • Implements a $500 tax credit to help small businesses offset the start-up costs of adding a 401(k) or SIMPLE IRA plan for employees; and
  • Changes the rules pertaining to the inheritance of retirement accounts.

Retirement expert Jamie Hopkins wrote a more in-depth summary of the legislation, which you can read at