The House on Tuesday overwhelmingly passed a bipartisan retirement security bill in a 414-5 vote.

The Securing a Strong Retirement Act of 2022, introduced by Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Texas, builds on the Setting Every Community Up for Retirement Enhancement Act, known as the SECURE Act, which Congress passed and was signed into law in late 2019.

The Securing a Strong Retirement Act of 2022, which House lawmakers are calling SECURE 2.0, is made up of two retirement security packages introduced last year — a bill with the same name introduced by Mr. Neal and Mr. Brady that was approved out of the Ways and Means Committee via a voice vote in May, and the Retirement Improvement and Savings Enhancement Act, or RISE Act, which was passed out of the House Committee on Education and Labor via a voice vote in November. Education and Labor Committee leaders — Chairman Robert C. “Bobby” Scott, D-Va.; ranking member Virginia Foxx, R-N.C.; Health, Employment, Labor and Pensions Subcommittee Chairman Mark DeSaulnier, D-Calif.; and subcommittee ranking member Rick W. Allen, R-Ga. — introduced the RISE Act in November.

The bill passed Tuesday includes provisions that would require 401(k) and 403(b) plans to automatically enroll participants upon becoming eligible; allow 403(b) plans to participate in multiple employer plans and invest in collective investment trusts; create a national online database of lost retirement accounts to reduce the number of missing participants; and make changes to qualified longevity annuity contracts, or QLACs, by removing the 25% cap — currently retirement savers can spend up to 25% of their account on a QLAC.

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