The Securing a Strong Retirement Act of 2021, a bipartisan proposal that would automatically enroll new employees into their workplace retirement plans and help young workers pay off student debt, was advanced by the House Ways and Means Committee in a unanimous vote Wednesday.
- The bill is now eligible to head to the House floor for a vote of the full chamber. Timing for that wasn’t immediately clear.
- Building on bipartisan success in 2019, the measure would increase the age for required minimum distributions from 72 to 75.
- Catch-up contributions would be maximized for older workers nearing retirement.