Bipartisan retirement security bill moves through U.S. House
A bipartisan effort to improve retirement security is working through Congress. The SECURE Act 2.0 has passed through the House, and looks to improve on the original bill, which became law in late 2019.
Jay Spector of Baron Wealth Strategies told PBS’s “Arizona Horizon” about the bill, which includes provisions like matching student loan repayments as 401k contributions.
“What they’re going to allow for is the employer to provide a matching contribution to the student who is paying the student loan back. So, they’re gonna count the student loan payment as an employer-sponsored contribution, and give them a match into a 401k account,” said Spector.
Spector says potential provisions include requiring automatic 401k enrollment for companies with more than 10 employees, and increasing the minimum age for required mandatory distributions from 72 to 75.