Update: The Insured Retirement Institute (IRI) has confirmed the House vote on retirement security legislation is scheduled for Tuesday, March 29.
A late-Friday afternoon news dump in the form of a memo from House Majority Leader Steny Hoyer, D-Md., said the House would vote on popular and largely bipartisan retirement security legislation next week.
The memo, a copy of which was provided by the Insured Retirement Institute (IRI), claimed that during the week of March 28, the House will take up legislation to help Americans save for retirement. It specifically referenced the Securing a Strong Retirement Act, which is part of SECURE 2.0.
“Building on their bipartisan SECURE Act from 2019, Chairman Neal and Members of the Ways and Means Committee marked up H.R. 2954, the Securing a Strong Retirement Act, last year, and it includes bipartisan provisions from bills introduced by many of our members,” the memo read. “By expanding automatic enrollment in employer-provided retirement plans, simplifying rules for small businesses, and helping those near retirement save more for longer, this legislation will help increase Americans’ access to retirement funds and help families save for the future.”
It went on to thank Chairman Bobby Scott and Members of the Education and Labor Committee “for their work moving this legislation forward by marking up several critical components that will benefit millions of Americans.”
IRI added that although the memo didn’t say what day next week for the vote, it believed Tuesday, 3/29, is the target and that “Rep. Hoyer may issue next week’s floor schedule this evening with further information.”
Surprise, surprise
As with the original Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and its 11th-hour passage in late December of 2019, this news also came as a surprise, as SECURE 2.0 didn’t make the cut for inclusion in the $1.5 trillion omnibus spending bill earlier in March.
Biden signed the spending package, without SECURE 2.0, which included almost $14 Billion for aid to Ukraine, on March 15.
THE FULL TEXT OF THE BILL IS FOUND HERE
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
