Ways & Means Approves SECURE 2.0 Bill

The House Ways & Means Committee approved, on a bipartisan basis,  H.R. 2954, the “Securing a Strong Retirement Act of 2021,” sometimes referred to as SECURE 2.0

SECURE 2.0 seeks to expand retirement plan coverage and increase retirement savings, through a variety of provisions. expanding automatic enrollment, increasing the age mandatory distributions are required to begin, and allowing a higher catch-up limit to apply at ages 62, 63, and 64 years. There are also provisions clarifying certain retirement plan rules and also revenue raisers.

See the following original sources:

• Text of H.R. 2954, the “Securing a Strong Retirement Act of 2021”
• Joint Committee on Taxation Summary of bill.
• Description of Chairman’s Amendment
• Revenue Estimates

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.