H.R. 2954: Securing a Strong Retirement Act of 2021
CBO Score
$70 million
Documentation
Date of Report
Tue March 29th, 2022
CBO Report Details
Legislation Details
117th Congress
To increase retirement savings, simplify and clarify retirement plan rules, and for other purposes.
Sponsor: Rep. Richard Neal — D — MA
Amends the tax code to modify rules for retirement plans and tax-favored savings accounts. Several provisions reduce revenues significantly by expanding automatic enrollment in retirement plans and raising the age at which required minimum distributions (RMDs) from defined contribution retirement plans or traditional individual retirement arrangements (IRAs) must begin. Other provisions increase revenues by directing some retirement plans to require catch-up contributions to be designated as Roth contributions and allowing some plans to permit employees to designate their employers’ matching contributions as Roth contributions.
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