Tax Strategy: Will we see SECURE 2.0 enacted, and when?

September 21, 2021

By Mark A. Luscombe, Accounting Today

The Securing a Strong Retirement bill (SECURE 2.0) was unanimously passed out of the House Ways and Means Committee on May 5, 2021. It has broad bipartisan support, yet it remains unclear what its route to enactment might look like. The Senate is working on its own versions of retirement plan legislation, which are similar but not identical. The budget reconciliation bill seems the most likely vehicle for passage this year, but Democrats may prefer to keep budget reconciliation revenue to support provisions that do not have bipartisan support. Also, some provisions of SECURE 2.0 may not qualify under budget reconciliation. Most commentators seem to think the legislation will somehow pass this year, but are uncertain as to just how that will happen.

Building on the provisions of the SECURE Act enacted in 2019, SECURE 2.0 has many popular provisions that should help people save for retirement. The criticisms center mainly around some of the complexity associated with some of the phase-ins and phase-outs and whether it will really make a significant impact on the people who are not saving enough for retirement.

Continue reading at Accounting Today

View all News