11/10/2022

SECURE Act 2.0 Could Move in Lame Duck

Bipartisan legislation opportunities are expected to be limited

Opportunities for bipartisan legislation are expected to be limited in the lame duck session of Congress, but lawmakers on both sides of the aisle are optimistic about passing landmark workplace retirement legislation before the end of the year.

Lawmakers are working to consolidate at last three different bills introduced this year into a package dubbed the “SECURE Act 2.0,” which they would likely attach to a must-pass government spending bill that will be voted on in mid-December.

Two Senate committees have cleared two separate bills that would build on the SECURE Act of 2019 by incentivizing more small businesses to adopt retirement plans, making it easier for part-time workers to participate in retirement plans and providing workers and retirees the ability to save more. In March, the House overwhelmingly passed its own retirement savings legislation. Many provisions in all three bills are identical but there are some differences that will need to be reconciled. One sticking point is a federal mandate requiring new workers to be automatically enrolled in a plan.

This article was provided to OSAP by ASAE's Power of Associations and Inroads.