What is SECURE 2.0, and why does it matter to plan sponsors and retirement savers?

A successful retirement has long been defined as a three-legged stool, with a pension plan, personal savings and Social Security all working together to produce a stable outcome. Traditional pension plans have become rarer, however, as plan sponsors increasingly move to freeze such plans, a development that has undermined financial security. Efforts to improve workers’ ability to save for retirement through 401(k) plans are considered essential to helping close the savings gap.

“These are critical new protections that will make it easier for Americans to save for their retirement and have the financial security they need. As the economy deals with the effects of the worst inflation in nearly 40 years, working families need all the help they can get when it comes to saving for the next chapter in their lives and we are now one step closer to making that possible,” said Sen. Rob Portman, R-Ohio, in a statement Tuesday. Mr. Portman introduced a bill in May 2021 that served as part of the basis for SECURE 2.0.

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