H.R. 2954: Securing a Strong Retirement Act of 2021

CBO Score

$70 million

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.

View the full vote history of this bill on GovTrack.us.

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