Included in Congress’ $1.7 trillion omnibus package passed before Christmas was the Securing a Strong Retirement Act, a bill that enacts a number of changes to the federal retirement system.
The bill, also known as the Secure Act 2.0, builds upon a similar set of laws that went into effect in December 2019. The most recent version includes changes across many aspects of retirement savings, such as required minimum distributions, catch-up contributions, automatic enrollment, emergency savings and more.
Nationwide, 57 million employees don’t have access to retirement plans at work, which is 48% of private sector employees ages 18 to 64, according to a study from AARP. In Texas, 54% of employees don’t have access to a work retirement plan, more than half of which, 2.94 million, work at a company with less than 100 employees, according to AARP.
One impetus behind the bill was to give more employees access to work-sponsored retirement plans and give businesses, especially small businesses, an incentive to offer one, Prosper Retirement Partners Co-founder and Managing Partner Christopher Money said.
“Some aspects of this bill are going to help that underserved, less than 100 employee company market,” Money said. “Most companies that have more than 100 employees offer a retirement program, so where the crisis in America is with 57 million employees that don’t have access to these workplace savings programs.”
Money said one of the ways the bill seeks to drive new plan adoptions...
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