House Ways and Means Committee Chairman Richard Neal, D-Mass., is planning to move this year on “Secure Act 2.0” legislation, a package of retirement planning bills that will include the Automatic Retirement Plan Act and the Retirement Plan Simplification and Enhancement Act, Neal told ThinkAdvisor in an email on Tuesday.
“Improving Americans’ retirement security remains a top priority of mine in 2020,” Neal said.
“Last year, the House passed my Rehabilitation for Multiemployer Pensions Act — also known as the Butch Lewis Act — and I intend to do all I can to make sure the Senate passes that critical bill during this Congress as well.”
Neal also said he was working on bipartisan legislation “that will essentially be the Secure Act 2.0. I’m aiming to move the Automatic Retirement Plan Act and the Retirement Plan Simplification and Enhancement Act with that package.”
Neal said he’d like to get that legislation done “as soon as possible,” but exact timing hasn’t been nailed down.
Neal first floated the Automatic Retirement Plan Act in 2017. Also known as the “auto-401(k)” retirement bill, it would require small employers with businesses of 11 or more employees to maintain automatic contribution retirement plans for employees. The bill has not been reintroduced yet.