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Retirement Planning > Saving for Retirement

Bill Raising RMD Age to Get House Vote Tuesday

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What You Need to Know

  • Secure Act 2.0 aims to raise the required minimum distribution age from 72 to 75.

The Securing a Strong Retirement Act of 2022, or Secure Act 2.0, is set to come up for a vote on the House floor on Tuesday.

“I have heard that it’s [Secure Act 2.0] expected to come up for a vote on the House floor next week,” J. Mark Iwry, the head of national retirement policy during the Obama-Biden administration who’s now a non-resident senior fellow at the Brookings Institution in Washington, told ThinkAdvisor Friday at noon.

The House floor schedule, published by the House Majority Leader’s office late Friday afternoon, confirmed this plan.

“Unless something drastic happens, it [Secure Act 2.0] should be on” the House floor agenda, a source with knowledge of the matter who asked to remain anonymous told ThinkAdvisor early Friday. “Conceivably, it should shift to Wednesday or Thursday but the word is getting out that it’s set for [a] Tuesday” vote.

Last May, the House Ways and Means Committee passed the Secure Act 2.0, which raises the required minimum distribution age from 72 to 75, expands automatic enrollment in retirement plans and enhances 403(b) plans, among other provisions.

On March 8 at the Investment Adviser Association’s compliance conference, Langston Emerson, a partner and policy strategist at Mindset DC, said that “this is the year” for retirement legislation, with passage of Secure Act 2.0 likely.

There’s a push from House and Senate leaders to get Secure Act 2.0 passed this year “simply because there are a few members, both on the Republican side and Democratic side, that are leaving Congress and this [bill] is a legacy item for them,” Emerson said.

That being said, “there are still some issues that need to be reconciled” between Republicans and Democrats in both the House and Senate, Emerson added.

Indeed, Neil Simon, vice president of government relations for the Investment Adviser Association, added on the panel with Emerson that House Ways and Means Committee Chairman Richard Neal, D-Mass., and Rep. Kevin Brady, R-Texas, the ranking minority member on the committee who is retiring, are committed to getting a retirement package passed this year.