March 29, 2022
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Blog
The House on March 29th passed far-reaching retirement legislation that will now travel to the Senate for approval, where passage is likely.
The legislation combines two bills: the “Securing a Strong Retirement (Secure 2.0) Act of 2021,” which passed the House Ways and Means Committee in May of 2021, and the “Retirement Improvement and Savings Enhancement (RISE) Act,” which passed the House Labor and Education Committee in November of 2021. These committees share some jurisdiction over retirement policy issues.
The new bill is called “Securing A Strong Retirement Act of 2022.”
Bill Specifics:
The following provisions are included in the “Securing A Strong Retirement Act of 2022”:
Next steps:
The legislation now goes to the Senate where it will be the subject of congressional hearings.
The Senate Health, Education, Labor and Pensions (HELP) Committee held a hearing on the legislation on March 29th. The hearing focused largely on the lack of retirement funds for women and poorer workers.
The Senate Finance Committee could also hold a hearing on the legislation but has yet to announce one.
If either of these committees make changes to the House-passed bill and the Senate approves those changes, those modifications must be approved by the House before the legislation can be signed into law. This could be a time-consuming process with the prospect that the Senate version never gets a House vote.
If the Senate committees do not amend the House-passed legislation and it is approved by the upper chamber, it can be signed into law.
So far, the White House has not issued a “Statement of Administration Policy,” or SAP, on whether the president supports or opposes the legislation. However, given that the bill has strong bipartisan support in both chambers, it is likely that President Biden supports the legislation and would sign it into law if given the opportunity to do so.
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