The proposals that may make up the Secure Act 2.0 include many provisions to improve retirement security for Americans, and include increasing the IRA catch-up limit, as well as treating student loan payments as elective deferrals for retirement accounts.
In an effort to improve Americans’ retirement security, Congress is working on the Secure Act 2.0 – but there’s more it can do, experts say.
“It took so long for the first Secure Act to pass,” said Melissa Kahn, managing director of retirement policy at State Street Global Advisors. “But even while the Secure Act was being discussed, debated, marked up and ultimately enacted, more developments were happening and that’s why we have this need for the Secure Act 2.0.”
There’s also a call for a ‘lost and found’ database for old workplace plans, because sometimes workers change jobs and forget to roll over their assets. Expanding automatic enrollment in retirement plans to make it easier for workers to get started saving is also on the list. Both the EARN Act and the RISE & SHINE Act should consider including lifetime income options in workplace retirement plans, such as annuities and qualified default investment alternatives, the latter of which are currently prohibited under the Department of Labor, IRI said. Contributions to a QDIA are invested as the plan fiduciary sees fit.
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