6 Retirement Bills Introduced in 2022

Related: 10 Top Annuity Bills of 2022, So Far

While raising the required minimum distribution age has been a buzzword since lawmakers started tackling the huge retirement reform bill, known as Secure Act 2.0, other retirement-related bills have also been introduced this year.

In March, the House passed its version of Secure Act 2.0 — officially called the Securing a Strong Retirement Act of 2022, H.R. 2954.

The bill, sponsored by House Ways and Means Committee Chairman Richard Neal, D-Mass., increases the RMD age from 72 to 75 over a decade — to 73 in 2023, 74 in 2030, and 75 in 2033.

The Senate Finance Committee passed by voice vote on June 22 the Enhancing American Retirement Now (EARN) Act, bipartisan legislation that’s intended to be included in the Senate’s version of Secure Act 2.0. The EARN Act increases the RMD age from 72 to 75 in 2032.

Secure Act 2.0-related bills also include provisions on auto-enrollment in workplace retirement plans and auto-escalation of contributions.

All eyes now are on Secure Act 2.0 being attached to a must-pass spending bill during the lame-duck session of Congress.

Paul Richman, chief government and political affairs officer at the Insured Retirement Institute in Washington, told ThinkAdvisor Monday in an email that IRI “is optimistic that Secure 2.0 will pass this year. House and Senate committee leaders negotiating the final Secure 2.0 bill have recently publicly expressed confidence and optimism that whatever outstanding issues remain will be worked out. We expect the bill to be packaged with other legislation that Congress will act upon before it adjourns in December.”

See the gallery for six retirement-related bills introduced in 2022.