At the hearing, Chairman Grassley said the student loan match bill has been added to RESA, which would reduce legal and administrative burdens and costs that currently prevent millions of small businesses from creating and offering retirement plans.
RESA’s “centerpiece expansion of open MEPs [multiple employer plans] harnesses economies of scale and reduces unnecessary burdens on small businesses,” Grassley said.
“I hope house will send its version over as soon as possible and we’ll work to reconcile differences and send to the President.”
The House Ways and Means Committee approved a bipartisan retirement bill last month, known as the SECURE Act, that has many similarities to Grassley and Wyden’s package.
House Majority Leader Steny Hoyer (D-Md.) said he is hopeful that the SECURE Act can pass the House before Memorial Day, but noted that lawmakers were still trying to work out disagreements related to a provision that would allow 529 college savings accounts to be used for homeschooling expenses. The provision relating to 529 plans is not in Grassley and Wyden’s package.