Both democrats and republicans seem to agree on the latest set of retirement-related bills and even bipartisan proposals have been introduced recently, even though the two parties have heated debates on a myriad of other complex issues.
In terms of the latest retirement security legislation, last month was pretty promising for the topic, especially after the introduction of the Retirement Security and Savings Act earlier in May.
This bill was an updated and improved version of the one last introduced in 2019, and features over 50 provisions aimed at enabling and helping to save up more money for retirement. Some of these provisions include tax credit increases for small businesses that want to start a new retirement plan. Also, the act aims to enhance the $6,500 catchup contribution and raise it to $10,000 for citizens older than 60, among others.
Some of the provisions can also be seen in the Securing a Strong Retirement Act of 2021.
Both the House bills and the Senate build on the SECURE Act (Setting Every Community Up for Retirement Enhancement Act), which was signed into law two years ago.
Experts also have high hopes for the SECURE Act 2.0 package’s passage. As Kent Mason, Davis & Harman LLP partner stated, he welcomes the bipartisanship in retirement legislation and hopes that the US may be able to see a major retirement bill in the future improving overall future retirement state in the country.. As he said, he would especially like to see a passed bill based on the Neal-Brady and Cardin-Portman proposals which, he believes, would be enacted sometime in 2022.