House Passes Secure 2.0 Act in $1.7T Spending Bill
December 27, 2022 by Melanie Waddell
The full House passed by a 225-201 vote Friday afternoon the omnibus spending bill, which includes the sweeping retirement package: the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022.
The bill now heads to President Joe Biden for his signature.
Wink’s Note: SECURE 2.0 passed on Friday.
Fidelity Investments commented “that the bill ‘allows employers to make matching retirement contributions based on the amount an employee is paying toward their student loans, which will help many workers begin saving for retirement,’ and also includes ‘needed reforms that gradually raise the RMD age to 75, expands pooled employer plans (PEPs), supports the adoption of emergency savings accounts, and promotes auto-portability.”
Vanguard is on the record, saying “This landmark legislation makes it easier for participants to save for their future by broadening Americans’ access to the retirement savings system through expanded automatic enrollment and escalation, novel portability efforts that Vanguard helped pioneer and greater transparency around target-date fund performance.”