Congress includes SECURE 2.0 as part of year-end spending bill

After years of negotiation, lawmakers included a retirement security package as part of a $1.7 trillion omnibus spending bill early Tuesday.

The package, referred to as SECURE 2.0, includes several provisions, such as expanding automatic enrollment in 401(k) and 403(b) plans, enhancing the tax credit for small businesses launching a retirement plan and allowing employers to make matching contributions to a 401(k) plan, 403(b) plan or SIMPLE IRA based on qualified student loan payments.

The package combines three bipartisan bills from both the House and Senate, including the RISE and SHINE Act, which advanced out of the Senate Health, Education, Labor and Pensions Committee in June.

“I’ve heard from too many people who are struggling to make ends meet and had to raid savings meant for their futures, not to mention countless others who have never had access to an employer-sponsored retirement plan,” said Sen. Patty Murray, D-Wash., chairwoman of the HELP Committee, in a statement. “That’s why I fought so hard to make sure the omnibus includes policies to help put families back on solid financial footing like expanding access to retirement plans, increasing transparency on lump sum buyouts from pension plans, helping families save for a rainy day, and more.”

More information to follow.

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