Deloitte has published their Tax News & Views which discusses the the Securing a Strong Retirement Act of 2022 that cleared the House on March 29. The abstract is as follows:
The House voted 414-5 on March 29 to approve bipartisan retirement security legislation aimed at making it easier for businesses to offer tax-qualified retirement savings plans to their employees and for individuals to participate in retirement plans and grow their tax-preferred savings.
The Securing a Strong Retirement Act of 2022 (H.R. 2954) cleared the chamber under an expedited procedure known as “suspension of the rules,” which requires a two-thirds majority vote for passage. It would build on bipartisan retirement security legislation (the SECURE Act) that was signed into law at the end of 2019. (The SECURE Act was incorporated into the Further Consolidated Appropriations Act, 2020 (P.L. 116-94). For additional details, see Tax News & Views, Vol. 20, No. 42, Dec. 19, 2019.)
The House bill was introduced last year by Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Texas, and was approved unanimously at a committee mark-up last May. (For prior coverage, see Tax News & Views, Vol. 22, No. 24, May 7, 2021.) But it was amended before it was brought to the floor to incorporate provisions in the Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891)—a largely nontax measure that was reported out of the House Education and Labor Committee on February 25—plus a handful of other provisions. (A section-by-section summary of the measure as amended is available from the Ways and Means Committee Democratic staff.)
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Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal
Wealth Strategies Journal 