In the article “New Senate Retirement Bills Aim to Raise RMD Age, IRA Contribution Limits,” ThinkAdvisor turned to benefits and executive compensation partner Brad Campbell for insight on the outlook of the Securing a Strong Retirement Act of 2021, or SECURE Act 2.0, given other recent retirement bills.
The publication noted that Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, reintroduced S. 1770, the Retirement Security & Savings Act, including a few new provisions. The Portman-Cardin legislation could get rolled into the SECURE Act 2.0, which passed the House Ways and Means Committee on May 5.
Campbell told ThinkAdvisor that, although the SECURE Act 2.0 will likely get a House vote this summer, it’s unclear when the huge retirement bill will come up for a Senate vote as retirement-related bills continue to be floated.
“It is not clear whether lawmakers intend to develop and move a bill independently or to react to the SECURE Act 2.0 when it comes over from the House,” Campbell said.
There is “wide, bipartisan support for these retirement-related bills, and a variety of possible paths, but the mechanics of passing them are still somewhat murky,” Campbell added. “I remain fairly confident, however, that some version of the SECURE Act 2.0 legislation has a good chance of passing this year.”