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.
About This Bill
Committee
Latest Action · July 29, 2026
Read twice and referred to the Committee on Finance.
The Retirement Simplification and Clarity Act allows workers age 50 and older to roll over money from their employer-sponsored retirement plans directly into individual retirement annuities without waiting until retirement, expanding options for how people can manage their retirement savings. The bill also strengthens disclosure requirements by requiring plan administrators to provide clearer, more detailed written explanations to workers about rollover rules, tax withholding, early withdrawal penalties, and other key information they need to understand their options. The changes take effect for tax years beginning after December 31, 2026, affecting millions of Americans with 401(k) plans and similar workplace retirement accounts. The legislation does not authorize any new funding, as it modifies existing Internal Revenue Code rules and relies on the Department of the Treasury to issue implementing regulations.
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