Make no mistake about it. The underlying purpose of this legislation is a cash grab. More people paying more fees regardless of any actual benefit to them.
Under the guise of helping more Americans achieve their dream of retirement, Congress is looking to pass new legislation to make changes to the retirement system. That means new rules for your 401(k), IRA, and other retirement savings vehicles that you’ll have to learn about. But underlying all of this isn’t really a desire to help people retire safely, it’s a desire to tap into the trillions of dollars worth of retirement savings that are currently sitting there not being taxed.