The House of Representatives has passed a bill that could help employees of small businesses save for retirement.
The bipartisan bill — called the SECURE Act — makes it easier for small businesses to offer 401(k) plans. Businesses would also be required to let long-term, part-time employees become eligible for retirement benefits.
The bill passed the House Thursday and heads to the Senate next, but it's not clear how it will fare. A similar bill is still in committee in the Senate.
The two bills have a few similarities. Both would repeal the maximum age someone can contribute to an individual retirement account. And they would both provide a credit to small businesses that want to start automatic enrollment in a 401(k) for employees. But the Senate bill lacks the part-time worker provisions of the SECURE Act.
The House bill may just be a first step for retirement legislation this year. CNBC reports the chairman of the House Ways and Means Committee is expected to introduce another bill later this year.
