Tax-Favored Retirement Accounts -- Passage

Passage of the bill that would make various modifications related to tax-favored retirement accounts. It would provide for the establishment of "pooled" retirement plans by unrelated small businesses that are not in the same trade or industry. It would allow individuals to continue making contributions to a regular IRA after reaching the age of 70 years and six months, exempt individuals who have less than $50,000 in their retirement accounts from having to take required minimum distributions from those accounts after reaching age of 70 years and six months. It would also allow individuals to withdraw up to $7,500 from their retirement plans, without penalty, to help pay for the expenses of a new baby or adopted child. It would establish tax-favored Universal Savings Accounts that could be used by individuals and families for any purpose.