Americans are 12 to 15 times more likely to save for retirement if they have access to a retirement savings plan at work.
Yet more than 40% of full-time private-sector workers say they lack access to an employer-provided retirement savings plan. This particularly affects lower-income workers, and especially Blacks and Hispanics.
The SECURE 2.0 Act of 2022 aimed to change this picture by expanding retirement plan coverage, increasing retirement plan savings, and simplifying and clarifying plan rules.
Several provisions facilitate access and participation in employer-provided plans.
According to the Senate Finance Committee, automatic enrollment in 401(k) plans significantly increases participation, particularly among Black, Latinx, and lower-wage employees.
Effective for plan years on and after Jan. 1, 2024, most new 401(k) and 403(b) plans established after the effective date must include automatic enrollment.
The initial automatic deferral amount must be at least 3%, but not more than 10%, of compensation. Effective the first day of each plan year following the initial year of enrollment, deferrals must automatically increase by at least 1% of compensation, up to a maximum of at least 10%, but no more than 15%, for most plans.
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