The SECURE 2.0 Act includes several provisions to help small-business owners increase opportunities for their employees to save more.

Safe Harbor 401(k)s Can Help Small-Business Owners Keep Happy Employees

About 36% of Americans can’t cover a $400 emergency expense, according to the Federal Reserve (opens in new tab). And a study by the Ascent (opens in new tab) found that the savings balance for the average American is only $4,500.

If you’re reading this article, that’s likely not you. But if you own a small business, you might have stakeholders who fit that description.

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Expanding the ways people can save is a good thing that we want to happen — especially if you are a small-business owner. The 2022 PwC Employee Financial Wellness Survey (opens in new tab) notes that financial stress and money worries impact several areas of employees’ lives, including both their productivity and attendance at work.

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The human resources software services company ADP (opens in new tab) reports that in addition to lower productivity, financial strain also leads to higher health care costs.

While it’s not guaranteed that saving more will lessen your employees’ financial worries, it doesn’t hurt to try. There are a lot of provisions in the SECURE 2.0 Act that can help, and while people like to say the devil is in the details, I like to say the...

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