Proposed changes to the U.S. retirement system are still on the table in Congress. Here’s where things stand
Two years after Congress passed a law that ushered in improvements to the U.S. retirement system, lawmakers’ efforts to make further enhancements are moving forward — albeit slowly.
There’s bipartisan backing for measures in both the House and Senate that would build on the 2019 Secure Act, which aimed to increase both the ranks of savers and retirement security. While progress on the proposals has been slow, there’s hope for action in 2022, say supporters.
“At the end of the first quarter or beginning of second quarter, we could see action on the bills in both chambers,” said Paul Richman, chief government and political affairs officer at the Insured Retirement Institute.
Most recently, the House Education and Labor Committee last month approved the RISE Act (H.R. 5891), a series of retirement-related provisions that fall under its jurisdiction. It has some overlap with another bill — the so-called Secure Act 2.0 (H.R. 2954), which cleared the House Ways and Means Committee in May. Both were approved unanimously by voice vote.
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