Industry Groups Press Lawmakers to Pass Secure Act 2.0

Retirement and consumer groups along with various companies urged top lawmakers Thursday to “take quick action and pass” the package of bills currently being negotiated in Congress, known as Secure Act 2.0, as the lame-duck session of Congress kicks in.

Secure 2.0 “includes bipartisan, common-sense solutions to address the anxiety and insecurity workers and retirees have about their retirement security,” groups — including the Insured Retirement Institute, American Council of Life Insurers, Allianz Life Insurance Company of North America, American Benefits Council and the American Retirement Association — told House Speaker Nancy Pelosi; Senate Majority Leader Charles Schumer, D-N.Y.; Senate Minority Leader Mitch McConnell, R-Kentucky; and House Republican Leader Kevin McCarthy, R-Calif.

The components of Secure Act 2.0 “will encourage more employers to offer opportunities to save for retirement at work, make it easier and less costly for small businesses to offer retirement plans, and help ensure retirement savings last a lifetime,” the groups wrote.

J. Mark Iwry, the head of national retirement policy during the Obama-Biden administration who’s now a non-resident senior fellow at the Brookings Institution, said Wednesday, that House and Senate lawmakers are busy hammering out which provisions should be included in Secure Act 2.0. The bill, Iwry said, may contain up to 100 provisions and has been given a 40% chance of passage during the upcoming lame-duck session of Congress.