On March 29, 2022, the U.S. House of Representatives—by an overwhelming bipartisan vote of 414 to 5—approved the Securing a Strong Retirement Act of 2022, also known as SECURE Act 2.0 since it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.1
"By expanding automatic enrollment in employer-provided retirement plans, simplifying rules for small businesses, and helping those near retirement save more for longer, this legislation will help increase Americans’ access to retirement funds and help families save for the future," said House Majority Leader, Steny Hoyer, D-Md, in a Dear Colleague letter sent March 25 ahead of the March 29 vote.2
The Senate version of SECURE Act 2.0, the Retirement Security and Savings Act, is similar to the House bill.3 It is anticipated that the Senate will pass some version of SECURE Act 2.0 and that both bills will be reconciled before being sent to President Biden for his signature.
Important retirement plan changes made by the House-passed version of SECURE Act 2.0, follow below.4
In the summer of 2023, northern Ontario ironworker Jonathon Pearce filed bogus tax returns to the Canada Revenue Agency, falsely claiming he was owed refunds going back several years totalling mor...