PRM Consulting

Securing a Strong Retirement Act of 2022 passes the House

Washington D.C. Donnell Karimah and Michael Rhim

On Tuesday, March 29, 2022, The House has passed the Securing a Strong Retirement Act of 2022 ( known as Secure 2.0).Secure 2.0 builds on the Setting Every Community Up for Retirement Enhancement (Secure Act, PL 116-94) signed into law in December 2019 to improve retirement savings opportunities for workers. The bill now heads to the Senate, which may advance the legislation later in April.

Secure 2.0 contains a wide range of provisions that would affect retirement saving, plans and participants including:

  • expanding automatic enrollment in retirement plans,

  • treating student loan payments as elective deferrals for purposes of matching contributions,

  • assisting both small and large businesses to offer more retirement savings options,

  • increasing required minimum distribution age beginning date,

  • adding enhancements to the age 50+ catch up provisions,

  • reducing the reduction in service required for long term part time workers by one year, and

  • simplifications and clarifications of many retirement plan rules.

PRM retirement experts work with organizations to design and implement retirement plans that help workers plan for a secure financial future. Contact us and learn how we can benefit your employees and organization.