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Senators Float Retirement Bill Lacking Auto-Enrollment Plan (1)

May 26, 2022, 8:46 PMUpdated: May 26, 2022, 9:37 PM

A bipartisan group of US senators is floating landmark retirement access legislation that lacks the requirement that new workers be automatically signed up for retirement savings—breaking with a House version of the bill passed earlier this year.

Sens. Patty Murray (D-Wash.) and Richard Burr (R-N.C.) released a discussion draft Thursday that compiles several bills into the Senate’s latest version of SECURE Act 2.0. Congress has applied that moniker to a suite of legislative proposals aimed at encouraging more employers to offer workplace retirement plans and more workers to participate in them.

Lawmakers said the legislation builds off the House proposal, ...