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On March 29, the House of Representatives passed the Securing a Strong Retirement Act of 2022 in an overwhelmingly bipartisan manner, clearing the chamber by a vote of 414-5 and signaling movement in a space that has been dormant for too long. 

If passed, this legislation — referred to as SECURE Act 2.0 — would make critical headway towards improving retirement security for the many Americans facing under-funded retirements. It includes key provisions that would make it easier for employers to support their employees’ unique savings goals, such as matching employee student loan payments with employer 401(k) contributions, increased catch-up contributions for those nearing retirement, and making it easier for part-time workers to qualify for their workplace retirement plan. The legislation also increases tax credits to small businesses setting up plans for their employees – a critical boost for companies that, historically, have been unable to afford such plans.

 

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