In an effort to strengthen the nation’s retirement system, the House passed the Securing a Strong Retirement Act of 2022, also known as SECURE 2.0.
In late 2019, Congress passed the SECURE Act, introducing the most significant changes to the retirement industry since the Pension Protection Act (PPA) of 2006. As a follow-up to this landmark law, a proposal was introduced by the House Ways & Means Committee to build on the principles of the SECURE Act by expanding access to retirement accounts, promoting participation, and preserving savings.
Here’s a closer look at the key aspects of bill.
Enhancements to workplace savings plans
Provisions impacting individual savers
Expansion of Roth accounts
Next steps for the legislation
There have been discussions in the Senate to advance similar provisions including the Retirement Security and Savings Act, legislation co-sponsored by Senator Rob Portman (R-OH) and Ben Cardin (D-MD).
While many of the provisions of the House and Senate bills are similar, there will likely need to be some reconciliation of the two proposals to pass both chambers of Congress.
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