Retirement Industry Celebrates Passage of ‘Momentous’ SECURE 2.0

Congress has passed a workplace retirement access package that promises to add $40 billion in new plan savings over the next decade and reshape the structure of most Americans’ 401(k)s with additional plan features.

The SECURE 2.0 Act was part of a $1.7 trillion omnibus spending bill Congress approved hours before a government shutdown Friday. President Joe Biden has said he intends to sign the measure into law.

Passage of the retirement legislation consoled an anxious industry lobby that feared lawmakers would miss an end-of-year deadline. The bill would have had to be reintroduced, and faced an uncertain future before ...