Ways and Means Considers Next Retirement Savings Bill

On May 5, the House Ways and Means Committee held a hearing to consider H.R. 2954, the Securing a Strong Retirement Act of 2021. The bill, also known as Secure Act 2.0, follows up the passage of the Secure Act of 2019 nearly a year and a half ago. Both measures are rare symbols of bipartisan efforts on Capitol Hill and are championed by the top two members of Ways and Means.  Secure Act 2.0 includes a number of modifications, such as gradually increasing the required minimum distribution age from 72 to 75, requiring most companies that open a new 401(k) plan (or similar workplace option) to automatically enroll their employees, and some modifications to governmental DC plans. Click here for a section-by-section summary of the bill published by Ways and Means. Although the committee passed the bill with a unanimous, bipartisan vote, timing for a full House vote is currently uncertain.