New bipartisan legislation to expand retirement saving options for workers is one of the few policies that has a chance of moving through Congress no matter who wins next week’s presidential election, Bloomberg News reported. Representatives Richard Neal (D-Mass.) and Kevin Brady (R-Texas), the top Democrat and Republican on the House Ways and Means Committee, introduced legislation yesterday to help workers save more for retirement and encourage employers to offer retirement plans. The bill would automatically enroll employees in their company’s 401(k) retirement plan, increase a tax credit for low-and-middle income individuals who save for retirement, and allow individuals who are at least 60 years old to save more for retirement in tax-favored accounts. Bipartisan support for the proposal means it could pass both chambers and be signed into law even if Democrats and Republicans continue to split control of the White House and Congress next year. The legislation offers new incentives to older savers. It would raise the age at which individuals are required to start drawing on their retirement accounts to 75 from 72. The bill would also make it easier for savers to make charitable donations from funds in their individual retirement accounts.
