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Legislation

Retirement Enhancement and Savings Act reintroduced in House

The Retirement Enhancement and Savings Act was reintroduced Wednesday in the House by Reps. Ron Kind, D-Wis., and Mike Kelly, R-Pa.

Messrs. Kind and Kelly had introduced the 2018 version of RESA in March, which despite garnering bipartisan support, was not passed into law.

Among other provisions, the bill would make it easier for smaller employers to join open multiple employer plans, ease non-discrimination rules for frozen defined benefit plans and add a safe harbor for selecting lifetime income providers in defined contribution plans.

"As a nation, we have a problem when it comes to retirement savings," Mr. Kind said in a statement. "We need to take commonsense steps to ensure our businesses are offering their employees flexible retirement plans that set our workers up for success in their golden years."

Wayne Chopus, president and CEO of the Insured Retirement Institute, said in a statement that RESA contains several commonsense measures to help Americans by expanding opportunities to save for retirement.

"IRI is thankful to Reps. Kind and Kelly for their leadership and commitment in pursuing legislation that will help more Americans achieve a financially secure retirement," Mr. Chopus said. "We believe the enactment of RESA will provide Americans with commonsense measures to help them address the challenges and overcome the obstacles they face as they plan and save for their retirement."