Plans and issuers must make a good faith effort to comply and establishes a submission grace period through January 31, 2023.

With the recent passage of SECURE Act 2.0 and the IRS' release of substantially higher contribution limits for 401(k)s, small employers are only just beginning their journey to design and offer robust retirement benefits.

Employers have an opportunity to lessen the significant burden of this debt for their employees — while cultivating a more cutting-edge benefits package that can also appeal to prospective talent.

"People with health insurance coverage provided by employers generally think they are protected, but our findings show that health-related benefits have been eroding over time," says José A. Pagán.