Retirement Simplification and Clarity Act Introduced

Senators Roger Marshall (R-KS), and Kirsten Gillibrand (D-NY), have introduced S. 5156, the Retirement Simplification and Clarity Act. The bill would amend the Internal Revenue Code to permit plans to allow participants age 50 and over to elect a direct rollover to an individual retirement annuity and provides for a safe harbor to meet applicable notice requirements. The legislation has been referred to the Senate Committee on Finance.