“Sablan bill has merit”

Jan 7, 2018

401(k) Specialist gave my retirement savings bill a positive review. The web-based magazine for retirement plan advisors said H.R. 4158 has merit, particularly for the retirement plans of businesses that have many small accounts left behind by workers who have gone on to other employment. Rep. Tim Walberg (R-Michigan) and I introduced the bill as part of our work as Chairman and Ranking Member, respectively, of the House Subcommittee on Health, Employment, Labor, and Pensions.

Our Retirement Plan Modernization Act raises the automatic rollover limits for Individual Retirement Accounts (IRAs) from $5,000 to $7,600. This means that workers’ orphan retirement plans from former employers with a small balance will be put into safe harbor IRAs for the workers instead. I appreciate the work Chairman Walberg and I have been able to accomplish in a bipartisan fashion to find common ground on issues of importance to the American people.