Federal Tax, Tax

SECURE 2.0 Updates

The Securing a Strong Retirement Act, a bipartisan bill intended to increase retirement savings and simplify retirement plan rules, is set to receive a full vote by the U.S. House of Representatives the week of March 28. It’s often referred to as SECURE 2.0, which references the 2019 SECURE Act that made numerous retirement plan changes. This bill would expand automatic enrollment in retirement plans; index IRA catch-up limits; provide higher catch-up limits at age 62, 63, and 64; increase the age for the required beginning date for mandatory distributions; and allow SIMPLE IRAs to accept Roth contributions. If passed by the House, the bill would then move on to the Senate. Stay tuned. Questions? Contact the Cg Team. © 2022