On Thursday, the House of Representatives passed the Secure Act, a bill backed by both Republicans and Democrats that aims to improve the nation's retirement system. If it passes the Senate, it will be sent to President Trump's desk. "The Trump administration hasn't taken a formal position on the bill, but lobbyists who support it say they expect the president to sign it into law," the Wall Street Journal reports. The changes would be the most significant to retirement plans since 2006, when the Pension Protection Act made it easier for companies to automatically enroll their employees in 401(k) plans. Here are some of the provisions included in the Secure Act: Repeal the maximum age for traditional IRA contributions, which is currently 70½

Increase the required minimum distribution age for retirement accounts to 72 (up from 70½)

Allow long-term part-time workers to participate in 401(k) plans

Allow more annuities to be offered in 401(k) plans

Parents can withdraw up to $5,000 from retirement accounts penalty-free within a year of birth or adoption for qualified expenses

Parents can withdraw up to $10,000 from 529 plans to repay student loans

What the bill is addressing

"This is a stepping stone to try to solve that looming retirement crisis," Chad Parks, founder and CEO of Ubiquity Retirement + Savings, tells CNBC Make It. Many Americans are not prepared for their golden years: Just 36% of non-retired adults think that their retirement saving is on track, the Federal Reserve found in its annual study on household well-being. And 25% of Americans have no retirement savings or pension. Part of the problem is that many workers don't have access to 401(k) plans, says Parks: "The reality is that almost half of all working Americans don't have the ability to save for their retirement at their job. That's primarily because small businesses are hesitant or intimidated by offering either a 401(k) or some sort of payroll-deduct IRA program." A goal of the Secure Act is "to incentivize businesses to put [plans] in place," Parks explains. One of the ways it's doing that is by making it easier for small businesses to band together to offer 401(k) plans. "Companies that have no commonality could all join the same plan," Amy Oullette, director of retirement services at Betterment, tells CNBC Make It. This could potentially give small businesses access to lower cost plans with better investment options and lower administrative fees.

What the bill could mean for you