: 401(k) changes in, cannabis banking out: Here are the details of Congress’ big year-end spending package

by | Dec 22, 2022 | Stock Market

Measures to help Americans save for retirement and billions of extra dollars for Ukraine were attached to a sprawling year-end spending bill released early Tuesday by U.S. lawmakers, while an expanded Child Tax Credit and a cannabis banking bill did not make the cut. The Senate approved the bill Thursday afternoon on a vote of 68-29, sending it to the House of Representatives for a separate vote. Lawmakers must pass the “omnibus” spending package for 2023 before a stopgap budget expires this week — which would trigger a partial government shutdown starting Saturday. The package includes $858 billion in defense spending, which is up about 10% from the prior year. Nondefense spending would see a nearly 6% increase, to $772.5 billion.

The measure includes a number of items known as policy riders, including some of the major items that follow. What’s in
“Secure Act 2.0”: The retirement savings bill known as the Secure Act 2.0 would automatically enroll workers into retirement plans like 401(k)s and raise the age at which Americans must take retirement-account distributions. “This important legislation will enhance the retirement security of tens of millions of American workers — and for many of them give them the opportunity for the first time to begin saving,” said Brian Graff, CEO of the American Retirement Association, in a statement.

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