Bipartisan measures lawmakers are pushing to get over the finish line before the start of the new congressional calendar next year could add $83.6 billion to the retirement savings marketplace and create an entirely new class of workplace savers.

If passed, the slate of bills dubbed SECURE Act 2.0 would have real-world effects on new worker access to employer-sponsored retirement plans, reshaping the kinds of investments employees have in those plans and how savers could preserve their savings to last well into retirement.

Provisions in three different versions of the legislative package promise to make it easier for small companies to set up plans and reduce the cost and administrative burdens associated with sponsoring them.

Congress is negotiating for passage before the end-of-year deadline when a new slate of decision-makers are set to take office and the process for passing bipartisan bills would restart and get a lot harder. Business and consumer-rights advocates are optimistic, however, that the package would make its way into a last-minute spending bill for adoption before the holidays.

1. What is SECURE Act 2.0, and why is it 2.0?

Congress does seem to enjoy unique naming conventions. SECURE Act 2.0 borrows its name from a similar retirement savings initiative former President Donald Trump signed into law in 2019—the Setting Every Community Up for Retirement Enhancement Act (Pub.L. 116-94).

The first SECURE Act focused mostly on two things: increasing the minimum...

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