A bill designed to increase savings in IRAs and company plans has passed the House of Representatives, but it’s not yet law. Read to see how things have changed.
The bill is officially called the “Securing a Strong Retirement Act of 2022,” but many are calling it “SECURE 2.0” since it’s seen as an expansion of the original SECURE Act from 2019. On March 29, the House passed the bill by a near-unanimous 414-5 vote. The action now moves to the Senate where several committees are working on their own retirement bills. If a consensus Senate bill emerges, it will have to be reconciled with the House bill before it goes to the president. All of this may take some time.
Here are the important pieces of the House bill:
It’s important to emphasize that this bill is not yet law and has a way to go before it becomes law. We will keep you informed.
By Ian Berger, JD
Ed Slott and Company, LLC