Secure Act 2.0 Passes House – More Positive Retirement Changes Forthcoming - CNBC & AMAC

This week the U.S. House passed The Securing a Strong Retirement Act, known as the Secure Act 2.0, by a bipartisan vote of 414-5.  It now heads to the Senate.  Carmen Reinicke of CNBC breaks down the bill, which builds on a 2019 law.  Employers would be required to automatically enroll eligible workers in 401(k) plans at a rate of 3% of salary, increasing to 10% over time, though employees could opt out.  The mandate would not apply to employers with fewer than 11 employees or those less than 3 years old.

The bill would allow those aged 62-64 to make catch-up retirement contributions of $10k, up from $6,500.  It would also increase from 72 the starting age for required minimum distributions to 73 in 2022, 74 in 2029, and 75 by 2032.  Full article here.

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