Why Secure Act 2.0 Will Pass This Year
There’s a 70% chance that Congress will pass a Secure Act 2.0 bill this year, according to Brad Campbell, a former head of the Labor Department’s Employee Benefits Security Administration and now a partner at Faegre Drinker in Washington.
Key champions of the bill will not be around much longer, making Secure Act 2.0 legislation a bipartisan priority. House Ways and Means Committee Chairman Richard Neal, D-Mass., “won’t be chairman of Ways and Means next year,” Campbell said during a recent webcast, and Rep. Kevin Brady, R-Texas, ranking member on the committee, is retiring.
Also retiring are Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., who jointly penned the Retirement Security and Savings Act of 2021.
While the House and Senate versions of Secure Act 2.0 bills have yet to be reconciled, the two chambers’ versions already share similarities.
The House passed its version of Secure Act 2.0 — officially called the Securing a Strong Retirement Act of 2022 — in March.
The Senate Finance Committee passed by voice vote on June 22 the Enhancing American Retirement Now (EARN) Act, bipartisan legislation that’s intended to be included in the Senate’s version of Secure Act 2.0.
