Ways and Means Committee Chairman Richard Neal (D-MA) introduced on March 29, 2019, the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act). Neal was joined by original cosponsors Rep. Kevin Brady (R-TX), Rep. Ron Kind (D-WI), and Rep. Mike Kelly (R-PA). The bill is scheduled for markup in Ways and Means on April 2.

The bill includes many of the provisions of the RESA (Retirement Enhancement and Savings Act) that has been sponsored by Kind and Kelly. Notably, it does not include the Open Multiple Employer Plan provision or the CSEC provision, which deals with the PBGC premiums paid by cooperatives or charities. Those two provisions are included in separate legislation also introduced by Reps. Kind and Kelly. It is expected that all provisions from both bills will be combined in one amendment in the nature of a substitute at Tuesday's markup. The Neal/Brady bill also includes seven new provisions that have not previously been included in RESA, including making long-term part-time employees eligible for retirement plan participation, easing funding rules for community newspaper defined benefit plans, and expanding 529 plans to cover home-schooling and vocational training.

The principal revenue-raising provision in the SECURE Act would curtail inherited IRAs and qualified plans. The provision would require those amounts to be taken into income within 10 years of the death of the account holder, except for amounts distributed to spouses, minor children, chronically ill or disabled individuals, and beneficiaries who are no more than 10 years younger than the decedent.

The bill is attached.

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ATTACHMENT

Bill