Close but no cigar, apparently. An effort to get a bipartisan retirement reform package widely known as “SECURE 2.0” included in the Consolidated Appropriations Act of 2022—the 2,741-page omnibus bill released late Tuesday night containing approximately $1.5 trillion in remaining fiscal 2022 spending—looks like it has come up short.
While congressional leaders spent much of Tuesday afternoon and evening negotiating potential add-ons to the massive spending bill, the House’s Securing a Strong Retirement Act of 2021, and companion Senate bill The Retirement Security and Savings Act, were not among the bills making the cut. Combined, provisions in those two bills make up the vast majority of SECURE 2.0 framework that has enjoyed strong bipartisan support to build on reforms in the SECURE Act of 2019.
Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) had been working with Reps. Richard Neal (D-MA) and Kevin Brady (R-TX) to include SECURE 2.0 in the omnibus bill, but Cardin told Roll Call Tuesday he didn’t believe it would make it into the final draft of the bill largely because of hesitation in including a tax section in the bill.
“There’s so many different tax provisions that people wanted that unless they got theirs, they didn’t want the others to get in,” Cardin told Roll Call. “It’s difficult to get a tax section agreed to.”
Senate Finance Chair Ron Wyden (D-OR) has also said that his committee wanted more time to consider and weigh in on a retirement reform package, which proved to be a significant roadblock.
“In the last 24 hours, I can tell you, I haven’t personally been heavily involved in the retirement discussion,” Wyden told Roll Call. “Obviously our members in the Finance Committee in the Senate want to be able to weigh in.”
While this is a missed opportunity for advancing SECURE 2.0, there remains significant optimism the package could pass this year on its own or within the framework of another spending package.
“The urgency of the omnibus appropriations legislation to fund the federal government plus a Ukraine aid package left little time to consider and include additional legislative language in the bill this week.”
Insured Retirement Institute
Count the Insured Retirement Institute in that camp.
“IRI remains optimistic that a comprehensive retirement security package will be considered by Congress this year. The urgency of the omnibus appropriations legislation to fund the federal government plus a Ukraine aid package left little time to consider and include additional legislative language in the bill this week. We still have plenty of time and opportunity to move retirement security legislation across the goal line and IRI is prepared to work with Congress to advance that measure,” IRI Chief Strategic Communications Officer Dan Zielinski told 401k Specialist Wednesday.
IRI’s board of directors today wrapped up two days of a virtual “fly-in” meetings with lawmakers to discuss the next steps to further strengthen retirement security, fresh off releasing its 2022 Retirement Security Blueprint last week.
“The solutions offered by the Blueprint will help our nation’s workers and retirees build economic equity, strengthen their financial security, and protect their income during their retirement years,” said Wayne Chopus, IRI President and CEO.
As this story was being published Wednesday afternoon, the House was moving closer to a vote on the omnibus spending bill to keep the federal government open and provide $13.6 billion in aid for Ukraine, while an additional $15.6 billion for the response to COVID-19 was also cut from the bill as Democrats worked to pass the legislation ahead of the Friday deadline for Congress to pass it to avert a partial government shutdown.
SEE ALSO:
• Major Retirement Reform Bill Could Clear Congress This Week
• IRI ‘Optimistic’ Meaningful Retirement Legislation Will Pass in 2022
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
