Lawmakers have introduced bills this year to expand health care choices for small businesses, provide gig workers access to retirement accounts, and allow first-time homebuyers to withdraw from their IRA penalty-free for a down payment, among other retirement-related proposals.
Another big retirement bill — Secure 3.0 — was expected in 2025, but it hasn't come together as anticipated.
“Although a good deal of thought and work has been going into what might provisionally be called Secure 3.0, we’re not close to ready on that," Mark Iwry, former senior advisor to the Treasury secretary and current nonresident senior fellow at the Brookings Institution, told ThinkAdvisor Thursday in an email.
"Could Hill staff pull together a package before year end?" said Iwry, who's also a visiting scholar at the Wharton School. "Anything is possible, but I’m not seeing it. We don’t have the same kind of pent-up demand that drove Secure 1.0 and 2.0. In fact, plan sponsors, recordkeepers and regulators are still digesting and implementing that legislation. I don’t see a lot of appetite for expanding their 'to do' list at this point."
One bill that could move this year: the Retirement Fairness for Charities and Educational Institutions Act, which would permit collective investment trusts in 403(b)s, Iwry said.
See the gallery for nine retirement bills introduced this year.
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