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BGOV Bill Summary: H.R. 1994, Retirement Savings Overhaul (1)

April 25, 2019, 2:58 PMUpdated: May 21, 2019, 8:31 PM

Individuals would have more flexibility to save for retirement and unrelated businesses could offer joint retirement plans under H.R. 1994.

The measure would allow individuals to temporarily withdraw money from their retirement accounts following a birth or adoption, and would modify contribution limits and mandatory minimum distribution requirements for older Americans.

The measure would also allow 529 education savings accounts to be used for apprenticeship fees and student loans.

“Americans currently face a retirement income crisis, with too many people in danger of not having enough savings to maintain their standard of living and avoid sliding into poverty,” said ...