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SECURE 2.0 made a lot of waves among plan sponsors and financial professionals when President Biden signed it into law in late 2022.1 Some administrators were scrambling to implement key changes that essentially went into effect immediately.
Helping employees prepare for retirement is challenging yet critically important. Two key strategies are:
The passage of the 2023 Consolidated Appropriations Act, which included the provisions of SECURE 2.0, made several impactful changes and enhancements to 401(k) plans and similar employer-provided retirement plans.
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Small employers can struggle to compete with major corporations. Not only do bigger companies typically have larger purse strings, they may also be able to offer more attractive benefits. As a result, small businesses sometimes miss out on recruiting top talent.
Staying on top of changing regulations for employer-sponsored retirement plans is a perennial challenge. As an example, President Biden enacted the “Consolidated Appropriations Act, 2023” in the waning hours of 2022. In it are some significant updates and new rules that will impact many organizations.1
Is the American Dream falling out of view? According to our 2022 Middle Class Survey conducted in partnership with The Harris Poll, nearly half (49%) of middle-class Americans (those with an annual household income of $35,000 to $99,000) grade themselves at a C or lower on their ability to achieve the so-called American Dream. When looking specifically at those who are currently renting, that number jumps to 62%. What’s perhaps more distressing is that nearly a quarter of those surveyed (23%) who haven’t already retired say they expect to never be able to retire.1