Lawmakers Clash Over Best Retirement Savings Vehicle for Workers

Momentum for comprehensive bipartisan retirement security legislation is building on Capitol Hill, even though lawmakers can’t agree on what contributed to the American retirement security crisis—or even if it exists—and what the future holds for traditional pension plans as Congress seeks to increase 401(k) access.

The House Education and Labor Committee will mark up the Securing a Strong Retirement Act of 2021—better known as SECURE Act 2.0—later this summer, Rep. Mark DeSaulnier (D-Calif.) told panelists at a subcommittee hearing on retirement security Wednesday.

The bill, which would automatically enroll new employees in their workplace retirement plans and escalate their contributions, unanimously ...