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Nearly half of employees are concerned with their household’s financial wellbeing, citing saving for retirement and having savings in case of an emergency as top sources of financial stress. What’s more, three in four workers say they trust their employer – and believe it is their responsibility – to help them improve their overall financial well-being through benefits and offerings. That’s a tall order for employers to fill. Even taller when you consider the recent passing of Secure Act 2.0 in the House. 

Secure Act 2.0 – or the more formal title of Securing a Strong Retirement Act 2.0 – generally intends to enable workers to save more, enhance and simplify employer-sponsored retirement plans for plan participants and plan sponsors, and lower the costs to employers of administering the plans. It will enact changes that would require most plans to automatically enroll workers, make saving easier for student-loan borrowers, lower plan administration costs for small businesses, and more. While the intentions of this law are good, putting it into action will create several challenges for plan providers who may be relying on antiquated, legacy technology platforms. It will also leave employees with even more questions about their finances, and they will look to their employers for support on how to manage their contributions. 

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