U.S. Rep. Darin LaHood (R-IL) on Dec. 13 sponsored a bill that aims to help the roughly seven million Americans who use Roth IRA accounts to save for retirement.
“Building retirement security is critical to the longevity and strength of our economy,” Rep. LaHood said. “Our bipartisan bill will allow for the consolidation of assets, reduce the potential for duplicative fees, and bolster retirement savings for families across the country.”
Current law prohibits workers from rolling Roth IRA savings into workplace-based Roth retirement plans offered by employers.
H.R. 6757, which is cosponsored by U.S. Rep. Linda Sanchez (D-CA), specifically would allow the transfer of contributions from Roth IRA plans to a workplace-designated Roth account, such as a Roth 401(k), Roth 403(b), or Roth 457(b), according to a bill summary provided by Rep. LaHood’s staff.
“As workers face rising costs and burdensome interest rates, Congress should continue to find solutions to help workers build for a comfortable retirement,” said Rep. LaHood. “I am proud to join my Ways and Means colleague, Rep. Sanchez, on this common-sense, bipartisan legislation.”
By allowing retirement savers to roll over and boost their retirement savings, Rep. Sanchez added that they will be better able to “enjoy a comfortable retirement in the future.”
The American Retirement Association has endorsed the measure, which is under consideration by the U.S. House Ways and Means Committee.