Regulation and Compliance Legislation

Senate Passes Secure 2.0 Act in Spending Bill

News December 22, 2022 at 02:57 PM
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The full Senate passed by a 68-29 vote Thursday the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022 as part of the $1.7 trillion omnibus spending bill.

"This is one of the most significant appropriations packages we have done in a very long time," Senate Majority Leader Chuck Schumer, D-N.Y., said on the Senate floor Thursday after the vote. "The range of people it helps is large and deep. After a lot of hard work and compromise, the Senate is funding the government with an aggressive investment in American families, workers, and national defense."

Wayne Chopus, president and CEO of the Insured Retirement Institute, added in a statement after the vote that "we are one step closer to delivering billions in increased retirement savings for millions of workers who need it most. This includes those facing student loan debt, part-time workers, small business employees, low-income workers, and military spouses."

IRI, Chopus said, "fully expects the House to pass this vital financial security legislation this week and send it to President Biden for signature."

Ken Bentsen, president and CEO of the Securities Industry and Financial Markets Association, said in a statement that the legislation "passed today takes important steps toward enhancing the private retirement system and increasing retirement savings, including provisions that will incentivize small businesses to offer retirement plans, enable older Americans to save more and hold on to their savings longer, and help young people to save while paying off student loan debt."

Social Security Funding

AARP added in another statement that it's "pleased that the bipartisan government funding bill addresses important priorities for Americans age 50-plus including increasing Social Security Administration funding, making it easier to save for retirement and extending critical Medicare benefits."

Funding for the Social Security Administration, AARP said, "has steadily eroded over the past decade, while the number of people it serves has grown. This has resulted in longer wait times, overwhelmed field offices and disability processing times that have skyrocketed to an all-time high."

The higher funding included in the bill "is a needed step to begin to address this customer service crisis, but more must be done. AARP will continue to push Congress and the Social Security Administration to provide the high-quality customer service people need and deserve."

Secure Act 2.0
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