Some significant provisions in the legislation are summarized below.
Legislation that could benefit Fortune 500 employees and retirees with individual retirement accounts (IRAs) and retirement plans such as employees in Fortune 500 companies, is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have to wait until Congress is back in session in November for further consideration. If the Senate passes its bill, the House and the Senate would need to reconcile the two bills, and then each would vote on the reconciled bill.
Some significant provisions in the proposed legislation that may aid in your Fortune 500 retirement planning are summarized below.