Congress considers retirement reforms, including catch-up contributions.

By The Exchange Team

There is still a good probability that reforms to the United States' retirement system will be implemented before the end of the year.

Republicans and Democrats support improving Americans' capacity to save for retirement, despite the upcoming midterm elections (Nov. 8).

"Secure 2.0" refers to the 2019 Secure Act, which made fundamental reforms to the retirement system for the first time since 2006.

Paul Richman, chief government and political affairs officer for the Insured Retirement Institute, said there's still bipartisan interest in another retirement law.

Richman thinks that may happen after the midterm elections when Congress work on tax measures.

The House passed Secure 2.0 (H.R.2954) with a 414-5 bipartisan majority in late March.

In the Senate, retirement-related committees have already passed legislation that compose Secure 2.0.