As the House passed the Securing a Strong Retirement Act on Tuesday, its version of bipartisan legislation designed to improve the retirement benefit and savings system, a Senate version is waiting in the wings.  

The House passed "Secure 2.0" 414-5. The measure gradually increases the age for taking mandatory distributions from 401(k) plans or IRAs from 72 to 75. It also would encourage more employers to start offering retirement plans and to automatically enroll more employees. Other provisions include the following:

• allowing employers to match workers' student loan repayments with retirement account contributions
• allowing workers access to more annuity options
• increasing the small business pension plan startup credit
• allowing 403(b) plans to invest in collective investment trusts
• allowing pooled employer plans to designate a named fiduciary other than the employer
• establishing a retirement savings "lost and found" 
• additional provisions including those designed to help firefighters, first responders, military spouses, and part-time workers

Senate Health, Education, Labor and Pensions Committee Chairman Sen. Patty Murray, D-Wash., said she intends to introduce her version of the legislation in the Senate in the coming weeks.