House Passes 'SECURE Act 2.0,' Requiring Automatic Enrollment in Retirement Plans

03/31/2022 9:19 AM | Anonymous

On March 29, the House overwhelmingly approved the bipartisan Securing a Strong Retirement Act by a vote of 414 to 5.

The bill, dubbed "SECURE Act 2.0," builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in December 2019 to improve retirement savings opportunities for workers.

The Senate is considering its own version of SECURE Act 2.0, the Retirement Security and Savings Act, which shares many similar provisions as the House bill. 

If the Senate passes a SECURE Act 2.0 measure, as is expected, both chambers would likely move to reconcile their separate versions.

Key retirement plan changes made by SECURE Act 2.0, as passed by the House, include:

  • Automatic enrollment in retirement plans
  • Increase in required minimum distribution age beginning date
  • Enhancements to the age 50+ catch-up provisions
  • Online lost and found for long-forgotten pension benefits
  • Modified rules to allow SIMPLE IRAs to accept Roth contributions

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