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gistfile1.txt

Here’s a clear summary of **H.R. 2954 from the 117th Congress (2021–2022)** — known as the **“Securing a Strong Retirement Act of 2022.”** ([Congress.gov][1])

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## 🧠 **What This Bill Is About**

**H.R. 2954** is a comprehensive retirement-related bill aimed at **boosting retirement savings, expanding coverage, simplifying and clarifying retirement plan rules, and updating related tax provisions**. ([Congress.gov][1])

The bill was sponsored by Rep. Richard E. Neal and **passed the House**, and was referred to the Senate Finance Committee. ([Congress.gov][1])

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## 📌 **Key Components of the Bill**

### ✅ **1. Expand Retirement Plan Participation**

* Encourages **automatic enrollment** of employees in employer-sponsored retirement plans, which helps more workers start saving by default. ([Congress.gov][2])
* Modifies the credit for small employer pension plan startup costs to make it easier for small businesses to offer retirement plans. ([Congress.gov][2])

### 💡 **2. Incentives for Savings**

* Enhances the **Saver’s Credit**, both increasing its value and broadening eligibility so more people benefit. ([Congress.gov][2])
* Introduces **small financial incentives** for employees to contribute to retirement plans. ([Congress.gov][2])

### 📈 **3. Increase Required Beginning Age for Distributions**

* Raises the age at which retirees must start taking **required minimum distributions (RMDs)** from retirement accounts, giving savings more time to grow. ([Congress.gov][2])

### 👩‍🎓 **4. Student Loan Match Credit**

* Allows employers to treat **student loan payments as elective deferrals** for purposes of matching contributions — meaning workers paying off loans can still get full matching benefits. ([Congress.gov][2])

### 🧑‍💼 **5. Expanded Plan Coverage Rules**

* Improves **403(b) plans** and permits **multiple-employer 403(b) plans**, just like multiple-employer 401(k)s. ([Congress.gov][2])
* Improves coverage for **part-time workers** by adjusting service requirements. ([Congress.gov][2])
* Modifies pooled employer plan requirements. ([Congress.gov][2])

### 🧠 **6. Other Retirement Enhancements**

* *Indexes catch-up contribution limits* to inflation. ([Congress.gov][2])
* Offers retirement plan eligibility credits for employers that hire **military spouses**. ([Congress.gov][2])
* Clarifies some rules for **employee stock ownership plans (ESOPs)**. ([Congress.gov][2])

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## 📌 **Goal of the Bill**

The overall aim of H.R. 2954 is to:

* **Increase retirement savings nationwide**,
* **Make retirement plans more accessible and equitable**, and
* **Simplify federal rules governing retirement accounts** for taxpayers and employers alike. ([Congress.gov][1])

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If you want, I can break this down by *specific impacts on workers vs. employers* or *compare it with related retirement reform bills (like SECURE 2.0)* — just let me know!

[1]: https://www.congress.gov/bill/117th-congress/house-bill/2954?utm_source=chatgpt.com "H.R.2954 - 117th Congress (2021-2022): Securing a Strong Retirement Act of 2022 | Congress.gov | Library of Congress"
[2]: https://www.congress.gov/bill/117th-congress/house-bill/2954/text/rh?utm_source=chatgpt.com "Text - H.R.2954 - 117th Congress (2021-2022): Securing a Strong Retirement Act of 2022 | Congress.gov | Library of Congress"