The House of Representatives recently passed the Securing a Strong Retirement Act on an overwhelming and bipartisan vote of 414–5. Of note, the Act would require that businesses automatically enroll qualified employees in employer-provided retirement plans—think “opt out” vs. “opt in”—and raise catch-up limits for older workers (though plans predating the legislation would be grandfathered). While this legislation is expected to pass the Senate, the final version may reflect a consolidation of this and the Senate’s own Retirement Security and Savings Act.
Business Takeaway: As indicated above, this legislation may not immediately impact your existing retirement plan(s). But keep an eye on further developments, as we have not seen the final form of the expected law.