Dr. Bucshon Supports Bipartisan Retirement Reform Legislation
“Americans are living longer than ever before and it is important that we ensure they can save more and earlier to adequately plan for a financially-secure retirement. The SECURE Act makes it easier for small businesses to set up retirement plans that are tailored to the needs of their workers, allows individuals more time to save, and gives Americans greater flexibility in the use of their retirement savings.
“I am also pleased the SECURE Act reverses unintended consequences from previous legislation and provides tax relief for Gold Star families. However, I’m disappointed that once again House Democrat leadership has chosen politics over people and stripped provisions from the bill at the behest of special interests that were adopted in committee on a bipartisan basis to allow parents to use 529 plans for homeschooling expenses and for other K-12 expenses at public, private, and religious schools. The Tax Cuts and Jobs Act already allows 529 plans to be used for certain K-12 tuition at public, private, and religious schools, and these pro-child, pro-education provisions that were stripped from the bill at the behest of the teacher unions would have helped parents better afford their children’s education.”
This legislation includes many of the provisions of H.R. 6757, the Family Savings Act of 2018, which passed the House in the 115th Congress, to amend the Internal Revenue Code to reduce requirements related to tax-preferred savings accounts and retirement plans, allow employers greater flexibility to create pooled retirement plans, allow for penalty-free retirement distributions for new baby and adoption expenses, eliminate and modify age limitations pertaining to retirement contributions and required distributions, respectively, and expand education savings plans to cover apprentice programs.