Key insights

• The massive $1.7 trillion federal spending bill President Biden signed into law at the end of December includes even more significant changes to the U.S. retirement system.
• Changes include requiring most employers to automatically enroll employees in their retirement plan at a rate of at least 3%.
• Embrace data-driven management philosophies to help reduce waste and assess program effectiveness.
• It also increases the age required minimum distributions start from 72 to 73 in 2023 and then to 75 by 2033.

Retirement reform is currently a hot topic for lawmakers as many Americans do not have enough money saved for retirement. During 2022, various bills seeking to enhance retirement savings passed through U.S. Senate committees but stopped short of becoming ratified until recently.

The massive $1.7 trillion federal spending bill President Biden signed into law at the end of December includes even more significant changes to the U.S. retirement system. These new provisions, known as SECURE 2.0 Act of 2022, are intended to build upon the original Setting Every Community Up for Retirement (SECURE) Act of 2019, which included sweeping changes intended to enhance and protect retirement security for Americans.

Some of the most significant provisions of this new legislation include:

• Requiring most employers to automatically enroll employees in their retirement plan at a rate of at least 3%, but no more than 10%. After the first year, the default automatic enrollment...

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