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SECURE Act 2.0 Passes the House: Which Retirement Plan Rules Would Change?

April 1, 2022

KEY TAKEAWAYS

On March 29, 2022, the U.S. House of Representatives passed H.R. 2954, a bill entitled "Securing a Strong Retirement Act of 2022," otherwise known as SECURE Act 2.0. 

SECURE Act 2.0 would make various changes with respect to employer-sponsored retirement plans to expand coverage and increase retirement savings, including:

The proposed legislation also includes provisions to simplify and clarify retirement plan rules, including:

Finally, the bill includes several revenue provisions. Of particular interest:

While the bill will likely see some further tweaks as it goes through the legislative process, it enjoys broad bipartisan support and its prospects for passage are high. Longtime retirement policy champions Sen. Rob Portman (R-OH) and Rep. Kevin Brady (R-TX) are both planning to retire this year, and they have indicated that they intend to get this legislation across the finish line prior to their exit.

Miller Canfield continues to monitor H.R. 2954 as it moves through the next steps of the law-making process. We will provide updates, advice and resources to keep our clients abreast of any new developments.

As always, please contact the authors or your Miller Canfield attorney if you have any questions.

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