House passes bill to help workers with retirement savings

The House has approved a bill to promote retirement security by making it easier for small businesses and other companies to offer retirement plans.

The bill approved 417-3, also makes it easier for workers to transfer retirement plans when they change jobs and allows part-time workers to save for retirement. It fixes a provision of the 2017 tax cut law that raised taxes on benefits received by family members of deceased military veterans.

Democratic Rep. Richard Neal of Massachusetts, the chairman of the House Ways and Means Committee, says the bipartisan bill makes “significant progress in fixing our nation’s retirement crisis and helping workers of all ages save for their futures.”

The bill now goes to the Senate.