New House bill brings ‘simplification and clarity’ to retirement plan rollovers

U.S. Capitol building in Washington, D.C.. Photo: Diego M. Radzinschi/ALM

The Retirement Simplification and Clarity Act, new bipartisan legislation that would provide more flexibility and clearer guidance for Americans navigating retirement savings decisions, was introduced yesterday by Rep. Jimmy Panetta (D-CA) and Rep. Darin LaHood (R-IL). The bill seeks to empower individuals with options and straightforward information for securing their financial futures. 

“As Americans prepare for retirement, they deserve clear, concise guidance and flexible options to make the most of their hard-earned savings,” said Rep. Panetta.  “This bipartisan legislation would provide older Americans with a more simplified process and flexibility to choose savings options that are right for them.  By allowing individuals to make informed decisions about their retirement plans we can better ensure their financial security in the years ahead.”