Page 10 - Investment Advisor April/May 2022
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                 WASHINGTON WATCH

                   By Melanie Waddell

                 Lobbyists Expect Major Retirement

                 Legislation to Pass in 2022

                 There’s a push from leaders in the House and Senate to get Secure Act 2.0
                 passed this year.

                                                                                     and Savings Act, S. 1770, and the
                                                                                     Improving Access to Retirement Savings
                                                                                     Act, S.1703, were introduced in the Senate.
                                                                                     The Insured Retirement Institute expects
                                                                                     these measures to advance in 2022.
                                                                                       Wayne Chopus, IRI’s president and
                                                                                     CEO, said in releasing the annuity lobby
                                                                                     group’s Retirement Security Blueprint,
                                                                                     which details the association’s public
                                                                                     policy agenda, that IRI is “optimistic
                 “T        his is the year” for retire-  government relations for the Investment   islation  this year. Elected  leaders from
                                                                                     that Congress will move bipartisan leg-
                                                   Adviser Association, added on the panel
                                                                                     both parties understand that retirement
                           passage of the Securing a
                                                                                     many people, and that drives a willing-
                                                   Means Committee Chairman Richard
                 Strong Retirement Act of 2021, or Secure   with  Emerson  that  House  Ways  and   anxiety and insecurity is an issue for
                 Act 2.0, likely, Langston Emerson, a part-  Neal, D-Mass., and Rep. Kevin Brady,   ness to find and enact solutions.”
                 ner and policy strategist at Mindset DC,   R-Texas, the ranking minority member   An IRI spokesman added in a sepa-
                 in early March at the Investment Adviser   on the committee who is retiring, are   rate email to Investment Advisor that
                 Association’s compliance conference.  committed to getting a retirement pack-  IRI is optimistic that “a single retire-
                   There’s a push from House and Senate   age passed this year.      ment package will emerge … and that
                 leaders to get Secure Act 2.0 passed this   Last May, the House Ways and Means   Congress will act on it later in the year.
                 year “simply because there are a few   Committee  passed the  Secure Act 2.0,   Still a ways to go, but we see significant
                 members, both on the Republican side   which raises the required minimum dis-  bipartisan  support  and  acknowledge-
                 and Democratic side, that are leaving   tribution age from 72 to 75, expands   ment that additional retirement security
                 Congress and this [bill] is a legacy item   automatic enrollment in retirement   measures are needed that build upon the
                 for them,” Emerson said.          plans and enhances 403(b) plans, among   Secure Act of 2019 so we are continuing
                   However, “there are still some issues   other provisions. The Committee also   to work to advance solutions.”
                 that need to be reconciled” between   passed last year H.R. 2954, the Securing   Both the Retirement Security and
                 Republicans and Democrats in both the   a Strong Retirement Act, and the House   Savings Act and Secure Act 2.0 would
                 House and Senate, Emerson added. That,   Education and Labor Committee passed   direct the Treasury Department to amend
                 along with the war in Ukraine, makes tim-  H.R. 5891, the Retirement Improvement   its regulations to allow ETFs to be offered
                 ing of passage this year uncertain, he said.  and Savings Enhancement Act.  within variable insurance products.  Adobe Stock
                   Indeed, Neil Simon, vice president of   Similar bills, the Retirement Security   Other priorities for IRI’s policy

              8 INVESTMENT ADVISOR APRIL/MAY 2022 |
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