"Congress must now act to pass the bipartisan SECURE 2.0 legislation and help more Americans build retirement savings and strengthen their financial security," they added.
There are three bipartisan bills that House and Senate members are discussing behind the scenes, attempting to reconcile any differences between the bills and put forth a package aimed at bolstering Americans' retirement security.
The House in March overwhelmingly passed the bipartisan Securing a Strong Retirement Act of 2022 on a 414-5 vote and both the Senate Health, Education, Labor and Pensions Committee and Senate Finance Committee have advanced similar bills since then.
The three bills include similar provisions to permit an employer to make matching contributions to a 401(k) plan, 403(b) plan or SIMPLE IRA based on qualified student loan payments; reduce the service requirement for part-time workers to participate in an employer's retirement plan to two years from three; and enhance the startup tax credit for small businesses launching a retirement plan, among others, and will form the basis of a SECURE 2.0 package.
"The components of SECURE 2.0 will encourage more employers to offer opportunities to save for retirement at work, make it easier and less costly for small businesses to offer retirement plans, and help ensure retirement savings last a lifetime," the group said in the letter.