Page 10 - Investment Advisor April/May 2022

Beginnings

WASHINGTON WATCH

By Melanie Waddell

Lobbyists Expect Major Retirement

Legislation to Pass in 2022

There’s a push from leaders in the House and Senate to get Secure Act 2.0
passed this year.

and Savings Act, S. 1770, and the
Improving Access to Retirement Savings
Act, S.1703, were introduced in the Senate.
The Insured Retirement Institute expects
these measures to advance in 2022.
Wayne Chopus, IRI’s president and
CEO, said in releasing the annuity lobby
group’s Retirement Security Blueprint,
which details the association’s public
policy agenda, that IRI is “optimistic
“T his is the year” for retire- government relations for the Investment islation this year. Elected leaders from
that Congress will move bipartisan leg-
Adviser Association, added on the panel
both parties understand that retirement
legislation,
with
ment
passage of the Securing a
many people, and that drives a willing-
Means Committee Chairman Richard
Strong Retirement Act of 2021, or Secure with Emerson that House Ways and anxiety and insecurity is an issue for
Act 2.0, likely, Langston Emerson, a part- Neal, D-Mass., and Rep. Kevin Brady, ness to find and enact solutions.”
ner and policy strategist at Mindset DC, R-Texas, the ranking minority member An IRI spokesman added in a sepa-
in early March at the Investment Adviser on the committee who is retiring, are rate email to Investment Advisor that
Association’s compliance conference. committed to getting a retirement pack- IRI is optimistic that “a single retire-
There’s a push from House and Senate age passed this year. ment package will emerge … and that
leaders to get Secure Act 2.0 passed this Last May, the House Ways and Means Congress will act on it later in the year.
year “simply because there are a few Committee passed the Secure Act 2.0, Still a ways to go, but we see significant
members, both on the Republican side which raises the required minimum dis- bipartisan support and acknowledge-
and Democratic side, that are leaving tribution age from 72 to 75, expands ment that additional retirement security
Congress and this [bill] is a legacy item automatic enrollment in retirement measures are needed that build upon the
for them,” Emerson said. plans and enhances 403(b) plans, among Secure Act of 2019 so we are continuing
However, “there are still some issues other provisions. The Committee also to work to advance solutions.”
that need to be reconciled” between passed last year H.R. 2954, the Securing Both the Retirement Security and
Republicans and Democrats in both the a Strong Retirement Act, and the House Savings Act and Secure Act 2.0 would
House and Senate, Emerson added. That, Education and Labor Committee passed direct the Treasury Department to amend
along with the war in Ukraine, makes tim- H.R. 5891, the Retirement Improvement its regulations to allow ETFs to be offered
ing of passage this year uncertain, he said. and Savings Enhancement Act. within variable insurance products. Adobe Stock
Indeed, Neil Simon, vice president of Similar bills, the Retirement Security Other priorities for IRI’s policy

8 INVESTMENT ADVISOR APRIL/MAY 2022 | ThinkAdvisor.com