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The Starter 401(k) gives those employers not already offering a retirement plan an alternative option, automating the process to make traditional 401(k) plans more accessible, especially to smaller companies.

There are many significant questions to evaluate and challenges to consider when engaging referral workers and independent contractors.

As ideas on how best to help employees save money for retirement continue to advance, employers and plan sponsors will need to stay abreast of the changing regulatory requirements and evolving participant needs.

Unlike emergency savings accounts that employers have rolled out over the past few years, these new SECURE 2.0 pension-linked accounts have auto-enrollment but employees must be given the chance to opt out.

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 IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.

The new year brings a host of new health care industry changes and regulatory compliance issues that will challenge employers--and they'll be looking to their broker partners to help them stay ahead of deadlines and keep abreast of new legislation.