Washington Perspective

Lower Cost Investment Options, Removal of Administrative Barriers and Saver’s Match Will Strengthen Public Service Employees’ Ability to Prepare for Retirement

The SECURE 2.0 Act of 2022 includes approximately 100 provisions designed to boost participation in workplace retirement plans and reduce the cost and administrative burdens of sponsoring them.

On September 8, the Senate Finance Committee released the long-awaited legislative text for The Enhancing American Retirement Now Act, dubbed the EARN Act, that unanimously passed out of the Committee on June 22.

On June 22, the Senate Finance Committee unanimously voted on a bipartisan bill, The Enhancing American Retirement Now Act, dubbed the EARN Act, that is the last Senate component for the broader SECURE Act 2.0 retirement security package.

On March 29, the House overwhelmingly approved the bipartisan Securing a Strong Retirement Act by a vote of 414 to 5.

We believe there is a reasonable chance for pension reform legislation this year.

The information below summarizes the 2022 IRS contribution limits for 457, 401(a), 401(k), and 403(b) plans as well as IRAs.

Despite the bipartisan commitment to retirement savings reforms, there is a very low expectation that any version of SECURE 2.0 legislation will pass into law in 2021. We are optimistic, however, that 2022 passage for retirement savings reforms remains a realistic possibility.

Senators Cardin and Portman reintroduce the Retirement Security and Savings Act

House Ways and Means Committee Passes SECURE 2.0 By Unanimous Voice Vote

$325 Billion in Direct Assistance for State and Local Governments

Learn about our advocacy efforts supporting local and state government financial relief.

We now have members of both the House and Senate advancing significant bipartisan pension reform.

Our distinguished guest speakers discussed enacted legislation and changes on the horizon, along with their potential impacts on the public sector and others who serve their communities.

On October 27, 2020, the House Ways and Means Committee Chair Richard Neal (D, MA) and Ranking Member Kevin Brady (R, TX) introduced the “Secure a Strong Retirement Act of 2020,” which has also been called “SECURE 2.0.”

On October 26, 2020, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2021.

On September 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-68 providing guidance on certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the "SECURE Act").