The Secure Act 2.0 provides important benefits to help boost Americans’ retirement savings, but the huge retirement bill does have drawbacks, retirement experts told House lawmakers.

Secure Act 2.0 — officially, the Securing a Strong Retirement Act — was part of a review of the nation’s retirement system during a hearing held Wednesday by the House Health, Employment, Labor and Pensions Subcommittee.

On May 5, the House Ways and Means Committee passed the Secure Act 2.0, which raises the required minimum distribution age from 72 to 75, expands automatic enrollment in retirement plans and enhances 403(b) plans, among other provisions.

While “Secure Act 2.0 is a good baby step, ensuring employees the benefits of automatic enrollment,” Teresa Ghilarducci, director of The New School’s Schwartz Center for Economic Policy Analysis, told ThinkAdvisor Wednesday, “it doesn’t address the problems of opt-outs that can decrease coverage and leakages that allow people to deplete their savings before they retire.”

Added Ghilarducci, who testified at the hearing: “We need to build towards a comprehensive solution that gives workers a path to a secure retirement, and that means creating universal pension plans that professionally invest people’s savings over the long term.”

Read more @Think Advisor