Planning a successful rollout

After overwhelming bipartisan support in Congress and in a preliminary Senate panel review, the SECURE Act 2.0 will almost certainly become law. Stakeholders can start preparing for its rollout now by considering how they'll address potential challenges, including:

Education. Current 401(k) participation data shows that far too many employees don't believe retirement benefits are accessible to them. Convincing first-time retirement savers to participate will require an intentional engagement strategy and ongoing education, including segmented outreach to new employees and recent graduates.
Operationalization. Now is the time to plan for the operational and administrative burden of implementing retirement-matched student loan contributions at scale. For many employers, this will require developing an entirely new procedure to efficiently and accurately process employees' student loan payment records.
Deepening engagement. Stakeholders should plan thoughtfully to avoid inadvertently encouraging employees with student debt who already participate in an employer-matched savings plan from reducing their overall retirement contribution by switching to a retirement-matched student loan payment program.
Optimization. Stakeholders should ensure employees have resources to determine how to optimize their repayment strategy to maximize the impact of their employer's retirement match benefit. Each individual's next best action will vary depending on their background and goals, and most will need guidance to forge a path forward — especially in the context of events like the end of the federal student loan payment freeze and the introduction of a new income-driven repayment plan.
Digitization. Digitization will be essential to a seamless program implementation and successful ongoing administration. When choosing a technology partner, stakeholders should look for a solution that automates the exchange of employees' payment data between loan servicers and recordkeepers, streamlines how employees make extra student loan payments (which could impact how much sponsors contribute), and drives engagement by offering other student loan management services.

The post-SECURE Act 2.0 workplace

The SECURE Act 2.0 will revolutionize financial wellness benefits in the workplace.

Instant Insights /

SECURE 2.0: What it means for employers, benefits brokers and plan advisors

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