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Portman-Cardin bill includes IRA Preservation Act

| Jan 14, 2019 | Estate Planning |

Attorney Aaron Hegji of Lobb & Plewe, LLP, and a director of the Coalition For American Retirement (CFAR) is pleased to announce that legislation prepared by the CFAR is included in the Portman Cardin retirement savings bill (the Retirement Security and Savings Act) introduced by senators Rob Portman, R-Ohio, and Ben Cardin, D-Md.

The senators are known as the “gold standard” when it comes to retirement plan legislation. It is no small accomplishment and a major honor to be included in their sweeping and significant legislation.

The Retirement Security and Savings Act aims to benefit retirement account holders and provide incentives to increase saving. The pieces of the bill contributed by CFAR alleviate the draconian and onerous penalties imposed on IRA holders that accidentally engage in prohibited transactions, amongst other benefits.

Mr. Hegji is proud of the work put in by the CFAR and its representatives in preparing and advocating this legislation and hopes that the Retirement Security and Savings Act will become law as soon as possible.