The House Ways and Means Committee recently passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act).
This bill includes a number of measures designed to strengthen retirement savings. With regard to IRAs, the bill would treat certain taxable non-tuition fellowship and stipend payments as compensation for purposes of making a contribution and would remove the prohibition on traditional IRA contributions for those age 70 ½ and over. It would also allow penalty-free distributions for any "qualified birth or adoption distributions" and would increase the age when required minimum distributions must begin from age 70 ½ to age 72.
