The U.S. House of Representatives voted 414-5 in favor of the Securing a Strong Retirement Act of 2022, or Secure Act 2.0, late Tuesday.
The legislation (H.R. 2954) includes raising the required minimum distribution age to 75 from 72, expanding automatic enrollment in retirement plans and enhancing 403(b) plans, among other provisions.
"Today the U.S. House of Representatives passed one of IRI's primary public policy objectives — a retirement bill that further expands access to workplace retirement plans and protected lifetime income products," said Wayne Chopus, president and CEO of the Insured Retirement Institute, an annuity trade group, in a statement.
"The bipartisan legislation will deliver measurable benefits to America's workers and retirees who have anxiety over whether they will have sufficient retirement income that lasts throughout their golden years" Chopus explained. "Our efforts will now shift to the Senate to continue the positive momentum and get a bill to President Biden this year."
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