House, Senate Votes on Retirement Bills Anticipated by Industry Officials

Congress must adjourn by Jan. 3, when the new Congress is sworn in. All legislation introduced in 2018 will then die and must be reintroduced in the next Congress.

The American Council of Life Insurers as well as the Insured Retirement Institute are among the 51 retirement and life insurance industry officials who urged top House and Senate lawmakers in Wednesday letters to pass retirement legislation before adjourning.

The officials told House Speaker Paul Ryan, R-Wis., and Minority Leader Nancy Pelosi, D-Calif., as well as to Senate Majority Leader Mitch McConnell, R-Ala., and Senate Minority Leader Chuck Schumer, D-N.Y., that they "have a once-in-a-generation opportunity to pass legislation that would benefit millions of Americans. The time has come for Congress to pass retirement security legislation now."

Brady's retooled version of his Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018 includes a new retirement-related provision expanding the use of 529 savings accounts to cover homeschooling costs as well as allowing an unborn child to be designated as a beneficiary.

The revised bill also provides "Obamacare tax relief," Brady said, by delaying the Medical Device Tax for five years, the Health Insurance Tax for two years, the Cadillac Tax for one year and permanently repealing the Tanning Tax.

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