6 Steps to SECURE 2.0
We’re on final approach to bringing the SECURE 2.0 retirement reform package in for a landing, tentatively scheduled for next Friday, Dec. 23.
All indications point to SECURE 2.0 making the cut to be included in the massive $1.7 trillion spending and policy bill, where this week a deal was struck among Congressional leaders on the framework to fund the government this fiscal year.
After passing a stopgap spending bill earlier this week to avoid a government shutdown, House and Senate Appropriations Committees are now working around the clock to negotiate the details of the final 2023 spending bills that—based on the framework agreement—are expected to make it to President Biden’s desk before the end of the year.
Here’s a quick look at the timeline of events for how we got here.
SECURE Act 2.0 Legislation Introduced—And Wow!
While talk of building on the reforms included in the 2019 SECURE Act started even before the SECURE Act became law, the road to SECURE 2.0 started in earnest with the October 2020 introduction of the Securing a Strong Retirement Act of 2020 by House Ways and Means Committee Chairman Richard Neal (D-MA), and Ranking Member Kevin Brady (R-TX).
The bipartisan legislation sought to expand auto-enrollment, provide incentives for small businesses to offer retirement plans, increase the RMD age to 75, and allow for bigger catch-up contributions.
While that bill never gained much traction in 2020, with its bipartisan support it nevertheless got the ball rolling toward SECURE 2.0.
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