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TAX TAKE: Happy Trails: Congress Moving on Bipartisan Retirement Legislation

Tax Alert

On March 29, 2022, the U.S. House of Representatives passed H.R. 2954, the Securing a Strong Retirement Act of 2022 (commonly referred to as "Secure 2.0"), by an overwhelming bipartisan vote of 414 to 5. The legislation contains a host of provisions that would expand coverage, increase retirement savings, and simplify retirement plan rules, including an expansion of automatic enrollment in retirement plans and an increase in the age for required minimum distributions. With passage by the House, attention now turns to the U.S. Senate, where the Committee on Finance and the Committee on Health, Education, Labor, and Pensions are reportedly working towards committee markups of their own retirement packages during the next Congressional work period. 

In addition to the House-passed bill, the Senate committees are likely to consider S. 1770, the Retirement Security and Savings Act of 2021, introduced by Senator Ben Cardin (D-MD) and Senator Rob Portman (R-OH), in developing their packages. How these packages develop in the Senate, how they are reconciled with the House-passed bill, and how they will move towards enactment is yet to be determined. While a retirement package with broad bipartisan support like this one could be considered by itself on the Senate floor, there most likely will be the need to find another available legislative vehicle. A post-election lame duck bill, which also could attract other bipartisan tax items such as tax extenders, could potentially be the best opportunity for retirement legislation to be enacted this year.

Stay tuned as Congress comes back into session later this month and this legislation continues to advance in the Senate. #TaxTake

Upcoming Speaking Engagements and Events

Jorge, along with International colleagues Richard Mojica and Mary Mikhaeel, will present "China Trade Update," a Midwest Global Trade Association webinar on April 21. 

On April 26, Marc will moderate a panel titled "Retirement Policy's Path Ahead: 2022 Legislative Outlook," at the ERIC Spring 2022 Virtual Policy Conference.

Loren and fellow Tax Members Kevin Kenworthy and Rocco Femia will present "International Tax Agreements in an Era of Congressional and Political Polarization" at the American Petroleum Institute's 87th Annual Federal Tax Forum on May 4.

On May 4, Marc will provide a Tax Legislative Review and Outlook to the Tax Executives Institute's Denver Chapter.

Marc will present "Federal Tax Policy Update," at the Manufacturers Alliance Tax Council Spring Meeting on May 19.

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