Insights: Alert
Secure Act 2.0
Summary of Key Provisions
The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation enacted at the end of 2019. This Legal Alert describes a number of key provisions in these bills that may affect employers sponsoring qualified retirement plans or 403(b) plans.
On March 29, 2022, the House passed the Securing a Strong Retirement Act of 2022 (the “House Secure Act 2.0 Bill”) by a large bipartisan majority. The Senate has followed suit by moving related legislation forward in two of its committees. The Senate, Health, Education, Labor & Pensions (HELP) Committee approved the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (“RISE & SHINE Act”) on June 14, 2022. The Senate Finance Committee in turn approved the Enhancing American Retirement Now (“EARN”) Act on June 22, 2022. The Senate Finance Committee has released a section-by-section summary of the EARN Act (the “EARN Act Summary”), but the text of the bill has not been released as of the time of publication of this Legal Alert.
The House and Senate bills have a number of common provisions and some differences. As a result, it is yet to be seen what provisions will ultimately be included in final legislation, but we should have a good sense of what is on the table.
Related People
Disclaimer
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client relationship. The formation of an attorney-client relationship requires consideration of multiple factors, including possible conflicts of interest. An attorney-client relationship is formed only when both you and the Firm have agreed to proceed with a defined engagement.
DO NOT CONVEY TO US ANY INFORMATION YOU REGARD AS CONFIDENTIAL UNTIL A FORMAL CLIENT-ATTORNEY RELATIONSHIP HAS BEEN ESTABLISHED.
If you do convey information, you recognize that we may review and disclose the information, and you agree that even if you regard the information as highly confidential and even if it is transmitted in a good faith effort to retain us, such a review does not preclude us from representing another client directly adverse to you, even in a matter where that information could be used against you.