Industry News

On July 15, 2021, the Groom Law Group released its publication, Comparison of Provisions in SECURE 2.0 and Cardin-Portman. The publication compares the provisions of two retirement bills being considered in Congress: the Securing a Strong Retirement Act of 2021 (H.R. 2954, referred to as SECURE 2.0) and the Retirement Security & Savings Act (S. 1770, referred to as Cardin-Portman).

SECURE 2.0 was introduced by House Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX). On May 5, 2021, the bill was marked up and approved by the Ways and Means Committee. The House Education and Labor Committee is expected to consider the bill before it heads to the House floor for a vote.

The Cardin-Portman bill is the latest legislative effort on retirement issues by Senators Ben Cardin (D-MD) and Rob Portman (R-OH). The Senate Finance and Health, Education, Labor and Pensions Committees may mark up the bill later this year.

Groom indicates that the timing for both bills is uncertain, but they could move later in 2021.

The report is available here.