Cut and pasted from the House Ways & Means press release (source:
https://waysandmeans.house.gov/medi...bipartisan-legislation-strengthen-americans):
"The Securing a Strong Retirement Act of 2020 will:
"Promote savings earlier for retirement by enrolling employees automatically in their company’s 401(k) plan, when a new plan is created;
"Create a new financial incentive for small businesses to offer retirement plans;
"Increase and modernize the existing federal tax credit for contributions to a retirement plan or IRA (the Saver’s Credit);
"Expand retirement savings options for non-profit employees by allowing groups of non-profits to join together to offer retirement plans to their employees;
"Offer individuals 60 and older more flexibility to set aside savings as they approach retirement;
"Allow individuals to save for retirement longer by increasing the required minimum distribution age to 75;
"Allow individuals to pay down a student loan instead of contributing to a 401(k) plan and still receive an employer match in their retirement plan;
"Make it easier for military spouses who change jobs frequently to save for retirement;
"Allow individuals more flexibility to make gifts to charity through their IRAs;
"Allow taxpayers to avoid harsh penalties for inadvertent errors managing an IRA that can lead to a loss of retirement savings;
"Protect retirees who unknowingly receive retirement plan overpayments; and
"Make it easier for employees to find lost retirement accounts by creating a national, online, database of lost accounts."
The press release is here:
https://waysandmeans.house.gov/medi...w-bipartisan-legislation-strengthen-americans
A detailed section by section summary is here:
https://waysandmeans.house.gov/site...files/documents/2.0Sectionbysection_final.pdf
And the bill itself is here:
https://waysandmeans.house.gov/site...ns.house.gov/files/documents/NEAL_060_xml.pdf
The House of Representatives and White House have been negotiating for weeks on another pandemic-related recovery/stimulus package, of course, with no success. Many political observers expect that Congress and the White House -- whether in the upcoming lame-duck session or early in 2021 -- will eventually enact another such law, particularly given the state of both the pandemic and economy. And in that scenario, this tax bill could possibly be tacked onto such a broader relief bill, and thus become law. So this tax bill isn't just another tax bill; it potentially has legs.
YMMV