Broad 'SECURE 2.0' Retirement Bill gets Overwhelming House Approval

Summary

Major bipartisan retirement legislation — the Securing a Strong Retirement Act of 2022 (SSRA) (HR 2954) — has passed the House in a 414–5 vote. This sets the stage for Senate action and raises hopes that Congress can build on the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act (Div. O of Pub. L. No. 116-94) and approve a final "SECURE 2.0" package this year. The wide-ranging bill contains provisions aimed at expanding plan coverage, boosting savings, increasing lifetime income options and streamlining plan administration. Several revenue-raising proposals would direct more workplace savings into after-tax Roth accounts. In addition, the Department of Labor (DOL) would have to review its fiduciary guidance for defined benefit (DB) pension risk transfers. This GRIST highlights key SSRA provisions of interest to employers. Updates to this article on April 18 clarify the scope of the bill's provisions relating to 403(b) plans' investment in collective investment ...