Retirement Security and Savings Act of 2021

The Retirement Security and Savings Act of 2021 (S. 1770) proposes a broad set of changes to federal law designed to help Americans save more for retirement and make it easier for employers to offer retirement plans. Key provisions include increasing the age for required minimum distributions (RMDs) from 72 to 75, allowing individuals with student loan debt to receive employer matching contributions to their 401(k) plans, and expanding the Saver’s Tax Credit for lower-income workers. Additionally, the bill aims to assist small businesses by increasing tax credits for the costs of starting a retirement plan and simplifying administrative requirements for plan sponsors.