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What advisors, sponsors, and providers need to know about this game-changing retirement legislation.
(Photo: Shutterstock)As its name suggests, the Setting Every Community Up for Retirement Enhancement Act is designed to improve the country’s retirement prospects. Time will tell if or how much the SECURE Act succeeds, but in the interim, new analysis from the Employee Benefit Research Institute models a range of potential outcomes that deliver modest to significant reductions in savings deficits.
EBRI’s analysis isolates three provisions of the bill—the creation of Open Multiple Employer Plans, the increase of the cap on auto-escalation from 10 percent to 15 percent, and a new mandate to include part-time employees in workplace retirement plans.
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Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
Copyright © 2023 ALM Global, LLC. All Rights Reserved.
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