Virtually for the reason that enactment of the SECURE Act in December 2019 as a part of the Consolidated Appropriations Act, 2020, Congress has been engaged on additional refinements to boost retirement saving efforts. Eventually, greater than two years after enactment of the SECURE Act, the Home handed the Securing a Sturdy Retirement Act of 2022 (SECURE 2.0) on March 29, 2022, by a vote of 414-5, reflecting robust bipartisan assist.
That bipartisan assist additionally exists within the Senate, though some additional tinkering with the provisions is mostly anticipated, which is prone to additional delay closing enactment. The modifications are virtually all favorable to plan directors and individuals.
Though a lot mentioned, the Home-passed model doesn’t embrace the elimination of Roth conversions. It stays to be seen how lengthy it can take the Senate to behave on the laws and what modifications the Senate may make once they do take up the laws.