The House of Representatives overwhelmingly passed a bill on Tuesday that would improve the tax benefits of retirement accounts in order to help more Americans save for the future, CNBC reported.

The House approved the Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, with a bipartisan vote of 414-5. The legislation will now move to the Senate.

“H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said House Ways and Means Committee Chairman Richard Neal (D-Mass). “Too many workers reach retirement age without having the savings they need. We need to do more to encourage workers to begin planning for retirement earlier. And we need to make saving easier."

Among the major provisions that would benefit retirement savers and employers are the following:

One provision would require employers to automatically enroll eligible workers in 401(k) plans at a rate of 3 percent of salary. This rate would increase annually until employees contribute 10 percent of their pay. Employees could opt out or select a different contribution amount. Businesses with 10 or fewer employees or that are less than three years old would be excluded from the mandate.

Other provisions would make changes to the amount that savers can contribute if they’re near retirement, and to the ages at which retirees need to pull money from their retirement accounts. Individuals who are 62, 63 and 64 could make catch-up contributions of $10,000, up from $6,500. And the starting age for required minimum distributions would rise from the current 72 to 73 in 2022, 74 in 2029 and 75 by 2032.

Student loan borrowers would also benefit from the legislation, as employers would be allowed to match student loan payments as contributions to retirement. 

In addition, according to Accounting Today, the bill would allow savers to decide whether they want employer-matching contributions to be on a pre-tax basis, meaning they pay taxes on that money when they withdraw it in retirement, or on a Roth basis, meaning those taxes are deducted at the time of the contribution and the money is taken out tax-free later. 

Accounting Today cited a Census Bureau report finding  that about half—49 percent—of adults ages 55 to 66 had no personal retirement savings in 2017. That breaks down to about 50 percent of of women and 47 percent of men in that age group.