Key Takeaways
- • Groom Law Group principal Michael Kreps said a SECURE 3.0 retirement package would likely emerge from the broader Social Security reform debate, rather than being developed "in a vacuum," in remarks at Pensions & Investments' Defined Contribution West 2026 conference on Oct. 26.
- • Social Security's main retiree trust fund is projected to run out of money in 2032, which would trigger a 22% benefit cut absent congressional action, and Kreps said such a cut is "very unlikely."
- • Kreps said a future SECURE 3.0 could include a provision allowing Roth IRA rollovers into Roth retirement plans, a measure previously introduced on a bipartisan basis and reintroduced in December, plus technical corrections to SECURE 2.0 policies such as the saver's match and emergency savings accounts.
- • A bipartisan bill introduced in July would create a commission to develop recommendations for long-term solvency of Social Security's two trust funds, while a August Senate Finance Committee hearing focused on whether to form a Social Security advisory board, with some Democrats and witnesses raising transparency and effectiveness concerns.
Summary
Michael Kreps, a principal and fiduciary practice leader at Groom Law Group, told attendees at Pensions & Investments' Defined Contribution West 2026 conference that a successor to SECURE 2.0 would likely develop in the context of Social Security reform rather than in isolation. Speaking as the regulatory keynote on Oct. 26, Kreps framed the next retirement legislation as the product of a broader debate over the structure of the retirement system.
The urgency stems from Social Security's main trust fund for retirees and their families, which is set to be depleted in 2032. Absent congressional action, benefits would be cut by 22%. Kreps said it is "very unlikely" lawmakers would allow that outcome, meaning Congress is expected to address the solvency question before it becomes acute.
Kreps said the debate would center on "a fundamental discussion about the nature of our retirement system, the employer's role in the retirement system, the federal government's role in the retirement system, and accessibility for all working Americans." He added that the SECURE 3.0 package "will likely happen" within that context.
In late 2025, Kreps told P&I he expected a future SECURE 3.0 package to include a provision allowing Roth IRA accounts to roll over into Roth retirement plans, a measure lawmakers previously introduced on a bipartisan basis and reintroduced in December. He also suggested technical corrections to certain SECURE 2.0 provisions, including the saver's match and emergency savings accounts.
On the Social Security side, a Senate Finance Committee hearing in August examined reform options, with discussion focused on whether to establish a Social Security advisory board. That hearing followed a bipartisan bill introduced in July to create a commission charged with developing recommendations and legislative language for long-term solvency of the program's two trust funds. Some Democrats and hearing witnesses, however, questioned the transparency and effectiveness of an advisory board.
The urgency stems from Social Security's main trust fund for retirees and their families, which is set to be depleted in 2032. Absent congressional action, benefits would be cut by 22%. Kreps said it is "very unlikely" lawmakers would allow that outcome, meaning Congress is expected to address the solvency question before it becomes acute.
Kreps said the debate would center on "a fundamental discussion about the nature of our retirement system, the employer's role in the retirement system, the federal government's role in the retirement system, and accessibility for all working Americans." He added that the SECURE 3.0 package "will likely happen" within that context.
In late 2025, Kreps told P&I he expected a future SECURE 3.0 package to include a provision allowing Roth IRA accounts to roll over into Roth retirement plans, a measure lawmakers previously introduced on a bipartisan basis and reintroduced in December. He also suggested technical corrections to certain SECURE 2.0 provisions, including the saver's match and emergency savings accounts.
On the Social Security side, a Senate Finance Committee hearing in August examined reform options, with discussion focused on whether to establish a Social Security advisory board. That hearing followed a bipartisan bill introduced in July to create a commission charged with developing recommendations and legislative language for long-term solvency of the program's two trust funds. Some Democrats and hearing witnesses, however, questioned the transparency and effectiveness of an advisory board.
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