Big changes are ahead for the U.S. retirement system that will shape how employers offer benefits and how employees save for their post-work years.
A range of retirement provisions—known as Secure 2.0—are included in the $1.7 trillion government spending bill for 2023, which was released Dec. 20. Approval by the Senate and the House is expected by the week's end.
Some of those provisions include requiring automatic 401(k) enrollment, broadening employer 401(k) match options, and helping employees build and access emergency savings plans.
"There are a number of provisions here in Secure 2.0 that will certainly help a lot of employers to help their employees to retire someday," said John Lowell, an Atlanta-based partner and actuary with October Three Consulting, a retirement plan advisory firm. "In order for it to work, employers are going to have to use them appropriately and employees are going to have to use them in the way they are intended."
Secure 2.0 builds on the original SECURE (Setting Every Community Up for Retirement Enhancement) Act, signed into law in December 2019 to improve retirement savings opportunities for workers. Among other changes, that law raised the age at which people were required to start withdrawing money from retirement accounts to 72, from 70 . The new legislation would raise that age again—to 73 beginning Jan. 1, 2023, and to 75 starting on Jan. 1, 2033.
In the automatic 401(k) provision, employers would be required to automatically enroll...
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