Senate Passes Secure 2.0 Act in Spending Bill

The full Senate passed by a 68-29 vote Thursday the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022 as part of the $1.7 trillion omnibus spending bill.

“This is one of the most significant appropriations packages we have done in a very long time,” Senate Majority Leader Chuck Schumer, D-N.Y., said on the Senate floor Thursday after the vote. “The range of people it helps is large and deep. After a lot of hard work and compromise, the Senate is funding the government with an aggressive investment in American families, workers, and national defense.”

Wayne Chopus, president and CEO of the Insured Retirement Institute, added in a statement after the vote that “we are one step closer to delivering billions in increased retirement savings for millions of workers who need it most. This includes those facing student loan debt, part-time workers, small business employees, low-income workers, and military spouses.”

IRI, Chopus said, “fully expects the House to pass this vital financial security legislation this week and send it to President Biden for signature.”