Plan sponsors should prepare for smooth sailing for 'SECURE Act 2.0' retirement reform bill

ATLANTA, Ga., May 19, 2021 (SEND2PRESS NEWSWIRE) — Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today notifying plan sponsors of pending bipartisan legislation that could significantly impact employer-sponsored retirement plans. The House Ways and Means Committee unanimously passed the Securing a Strong Retirement Act of 2021 on Wednesday, May 5; now the bill moves on to the full House, where it enjoys considerable bipartisan support.
Designed to build on the SECURE Act – and, consequently, dubbed the ‘SECURE Act 2.0’ – the proposed retirement reform legislation seeks to enhance the long-term financial security of millions of Americans by providing wider access to retirement savings. While most provisions of the legislation would apply to plan years beginning after December 31, 2022, certain provisions would apply after December 31, 2021.

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