House Passes 'SECURE Act 2.0,' Impacting Employer Sponsored Retirement Plans

Mar 31, 2022, 2:14 PM

(From SHRM) On March 29, the House overwhelming approved the Securing a Strong Retirement Act, or "Secure Act 2.0," which would expand automatic enrollment in employer-provided retirement plans. This level would increase annually by 1 percentage point up to at least 10% but not more than 15% of the employee's pay. Employees could affirmatively elect a different contribution. The bill provides a number of additional retirement reforms, including authorizing student loan matching, assisting both small and large businesses offer more retirement savings options, and raising the age for required minimum distributions to tax deferred retirement accounts. While the House's vote marks a major milestone, the legislation still needs to pass the Senate.

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