Congressional lawmakers will convene for legislative business next week prior to leaving for a Memorial Day district work period. On the House floor, lawmakers will take up a comprehensive, bipartisan retirement savings package (H.R. 1994) that seeks to: (1) boost incentives for retirement savings; (2) allow small businesses to band together and start multi-employer 401(k)s; and (3) provide retirement eligibility for part-time workers who have worked at least 1,000 hours in one year. The most recent version of the Setting Every Community Up for Retirement Enhancement (SECURE) Act would also fix a glitch in the 2017 Tax Cuts and Jobs Act (TCJA) by reducing taxes levied on military survivor benefits, but does not include a provision that would allow the expansion of Section 529 accounts to be used for home schooling costs and supplies — much to the chagrin of some House Republicans.
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