Retirement Simplification and Clarity Act
A bill to amend the Internal Revenue Code of 1986 to provide for in-service rollovers for individual retirement annuity purchases, and for other purposes.
The Retirement Simplification and Clarity Act proposes to amend the Internal Revenue Code to allow for in-service rollovers for individual retirement annuity purchases. This means that people who are still working could transfer their retirement savings from one account to another more easily. This could help many employees manage their retirement funds more efficiently and give them more flexibility in their investment choices.
This bill would primarily affect people who are still working and have retirement accounts. By allowing in-service rollovers, it could simplify the process of moving retirement savings between different accounts, potentially reducing fees and making it easier to manage investments. It might also encourage more people to save for retirement by offering them more control over their retirement funds.
As of July 29, 2026, the bill has been introduced and referred to the Senate Committee on Finance for further review and discussion. This is the first step in the legislative process, and the committee will examine the bill's details, potential impacts, and gather feedback before deciding on the next steps.
