In these uncertain economic times, America's workforce has not lost sight of the importance and value of employer-sponsored retirement savings plans.
These popular programs — such as 401(k) plans — are an essential tool in attracting and retaining talent in a tight labor market, as well as bringing financial security to workers and retirees. So it's important that the governing rules provide savings opportunities for workers and clarity and efficiency for employer plan sponsors. These rules could be significantly improved before the end of the year if the U.S. Congress passes the SECURE Act 2.0, a comprehensive retirement bill that would help workers save.
For example, in addition to retirement changes, the legislation could help workers meet conflicting savings goals related to emergency savings and student loans. Other provisions provide needed clarity and simplification for the employers that sponsor these plans. And, the SECURE Act 2.0 is a rare piece of bipartisan legislation that has an opportunity to pass before the new Congress begins in January. The employee benefits community has been eagerly awaiting action on this bill all year long and, no doubt, will be on pins and needles leading up to the upcoming holiday recess.
As the leading representative of the nation's largest employers in their capacity as sponsors of employee benefit plans for their workforce, The ERISA Industry Committee (ERIC) advocated for the Securing a Strong Retirement Act, the Enhancing...
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