In the post-pandemic era, it is more crucial than ever to maintain a strong, healthy workforce. Saving and planning for retirement is one of the most valued workplace benefits, according to the Society for Human Resource Management, which rates retirement benefits as the second highest benefit after health insurance. The quest to provide retirement plans, however, often becomes a daunting task for small businesses.

In 2022, Congress passed the SECURE 2.0 Act in an effort to improve small business' access to retirement benefits. SECURE 2.0 includes things like the expansion of auto-enrollment plans, tax credits for small businesses, and enhanced saver's credit for lower-income workers. The American Retirement Association estimates that 19 million additional workers will gain access to a workplace retirement plan through SECURE 2.0's Starter 401(k) provision alone.

The Act contains more than 90 provisions that aim to make it easier for businesses to offer retirement plans and lessen the burden of managing them. Below are some of the key provisions employers should know about.