Ted Benna, “the father of the 401(k),” said the student debt crisis presents a serious dilemma to those trying to save for retirement. Benna spoke at the WSJ Future of Everything Festival. Photo: Adam Schultz for The Wall Street JournalThe House of Representatives passed legislation that would bring substantial changes to the U.S. retirement system, making it easier for employers to offer 401(k)-type plans and include annuities, which guarantee an annual income, as options for workers. Backed by a bipartisan group of lawmakers including Rep. Richard Neal (D., Mass. ), chairman of the House Ways and Means Committee, the legislation would repeal the age cap for contributing to traditional individual retirement accounts, currently 70½.

Source: Wall Street Journal May 23, 2019 15:31 UTC