The recent passage of widely praised legislation known as SECURE 2.0 reinforces a bipartisan commitment in Congress to help Americans save more for retirement — a challenge our industry is poised to advance.
Signed into law December 29 as part of a $1.7 trillion omnibus spending bill, the Securing a Strong Retirement Act of 2022 includes a variety of provisions, including the expansion of automatic enrollment in 401(k) and 403(b) plans. Also included in SECURE 2.0 is a provision that raises the limit for mandatory distributions to $7,000 from $5,000, thereby expanding auto portability’s benefits to a larger population.
