Major Retirement System Overhaul, Veteran Support, and School Zone Safety Measures
This act significantly reforms the retirement system by raising the age for mandatory distributions and allowing employers to match student loan payments as retirement contributions. It also establishes an entrepreneurship training program for veterans and imposes stricter penalties for human trafficking and enticing minors near schools.
Key points
Increases the age for required minimum distributions (RMDs) from retirement accounts to 73 and eventually 75.
Allows employers to treat employee student loan payments as elective deferrals for the purpose of matching contributions.
Establishes a "Retirement Savings Lost and Found" database to help citizens locate administrators of lost pension accounts.
Imposes stricter prison sentences for human trafficking and enticing minors within school zones.
Establishes the "Boots to Business" program to provide entrepreneurship training to veterans and their spouses.
Status:
Introduced
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