U.S. Capitol building at dawn (Photo: Shutterstock)

Christmas came early for consumers and retirement advisors late last week when Congress passed – and President Joe Biden signed into law – a $1.7 trillion omnibus spending bill that includes SECURE 2.0 Act retirement savings legislation.

“With the passage of SECURE 2.0, millions more Americans now have a better chance at retirement success,” said John James, managing director of the Vanguard Institutional Investor Group. “This landmark legislation makes it easier for participants to save for their future by broadening Americans’ access to the retirement savings system through expanded automatic enrollment and escalation; novel portability efforts; and greater transparency around target-date fund performance.”

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.