H.R. 10467, known as the “Retirement Simplification and Clarity Act,” aims to amend the Internal Revenue Code of 1986 to allow older employees to move some or all of their 401(k) plan funds into individual retirement annuities before they retire. The bill lets employees aged...
Simple Explanation
H.R. 10467 is like a new rule that lets older people move some of their "save-for-later" money from their jobs to special savings accounts before they stop working, to make it easier and safer to keep track of their money. But, there are some tricky parts that need more explaining so everyone knows how it works.