Bipartisan legislation aimed at helping Americans build their retirement savings, which bogged down in 2021, has better prospects in 2022, according to those in the financial-services industry.
The legislation would expand automatic enrollment of workers in employee-sponsored savings plans and delay the age when retirees must begin taking distributions from them.
The Securing a Strong Retirement Act of 2021, sometimes called the Secure Act 2.0, passed the House Ways and Means Committee by unanimous vote in May, setting it up for a vote on the House floor. The bill subsequently stalled as Washington’s focus shifted to President Biden’s Build Back Better proposal, a multitrillion-dollar spending bill. Diane Boyle, senior vice president for government relations at the National Association of Insurance and Financial Advisors, said she’s “optimistic that it’ll get passed” in 2022. The bill was put on hold as Democrats considered including broad retirement savings provisions in the Build Back Better legislation, components that appear to have been scrapped, she said.
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