In “Retirement measures cut from legislation, but still priority,” benefits and executive compensation partner Brad Campbell spoke to Pensions & Investments about provisions that were removed from the Build Back Better Act, such as the auto-retirement plan proposal.
When a bill gets pared down to the extent that Build Back Better has, tough decisions are necessary, Campbell explained. “Everyone has [reasons] why what they wanted should have been in there, so they had to make hard choices,” he said. “It’s entirely possible that these provisions just didn’t have the political capital, so to speak, behind them that some of the other things they decided to spend money on did.”
Campbell added, “I would say we haven’t heard the last of these ideas.” He also noted that Richard Neal, chair of the House Ways and Means Committee, is a powerful person “who is able to drive some debate.”
Further, according to Campbell, even if there is a little bit of friction, the retirement industry expects the SECURE Act 2.0 package to advance.
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