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Retirement savings reform, flood insurance, terrorism cover in budget bill

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Retirement savings reform, flood insurance, terrorism cover in budget bill

Congressional budget legislation expected to pass Congress will include an extension for the federal flood insurance program, clear the way for more small businesses to offer retirement savings plans, and continue government backing for terrorism insurance.

Included in the spending package that passed the U.S. House on Dec. 17 is an extension for the embattled National Flood Insurance Program to Sept. 30, 2020.

The legislation would also renew the Terrorism Risk Insurance Act, in which the government provides a reinsurance pool for companies that provide cover for damage from an attack.

Another provision of the legislation would pass the SECURE Act, which would make it easier for small businesses to offer 401(k) plans by allowing them to offer retirement savings in groups. The measure is widely expected to encourage inflows into annuities.