Retirement Savings Plans

Washington Perspective: Senate Finance Committee Releases Retirement Enhancement and Savings Act of 2016

December 16, 2016

On Sept. 21, 2016, the Senate Finance Committee unanimously reported out the Retirement Enhancement and Savings (RESA) Act of 2016. Given the broad bipartisan support of the bill and the expressed interest of President-elect Donald Trump and Congress to implement tax reform in 2017, RESA (or some RESA provisions) may become law in 2017.

On Sept. 21, 2016, the Senate Finance Committee unanimously reported out the Retirement Enhancement and Savings (RESA) Act of 2016. Given the broad bipartisan support of the bill and the expressed interest of President-elect Donald Trump and Congress to implement tax reform in 2017, RESA (or some RESA provisions) may become law in 2017.

Key provisions include:

  • requirements to include lifetime income disclosures on statements;
  • provisions that support access to in-plan retirement income products; and
  • a requirement that most non-spouse beneficiaries of accounts with more than $450,000 disburse assets within five years of death.

See more about RESA at this link.

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