Lawmakers on both sides of the aisle are motivated to pass another major retirement security package in 2022, but with midterm elections looming in November, time is of the essence, retirement industry sources said.

Bipartisan bills were introduced in the House and Senate in 2021 that build 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.

Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., in May reintroduced the Retirement Security and Savings Act, which features more than 50 provisions aimed at getting people to save more for retirement. Provisions include increasing the tax credit for small business starting a new retirement plan, raising the “catch-up” contribution limits to $10,000 from $6,000 for individuals over 60 with 401(k) plans and allowing employers to make matching contributions to retirement accounts of employees paying off qualified student-loan debt.

“I have long championed retirement security legislation throughout my time in Congress and (in 2022) we have a great opportunity to give Americans more tools to have a safe and secure retirement,” Mr. Portman said in a statement to Pensions & Investments. “Enacting the bipartisan Retirement Security & Savings Act will be a big priority and I will continue to work with my colleagues on both sides to make it happen.”

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