Late last year, Congress passed the SECURE Act 2.0, a sweeping bill that introduced new protocols to improve retirement savings. Since then, we've seen employers and retirement providers try to take proper measures to ensure they can comply with government-mandated provisions. Some organizations have taken a leap into digital transformation, while others still operating on outdated software find themselves scrambling.
The question then arises: How can companies navigate this transformative journey, and what provisions of SECURE 2.0 will be most affected?
In the last 10 months, we've already seen some of SECURE 2.0's 92 provisions go into effect. In addition to the required minimum contributions, there's been an increase in catch-up contribution limits for employees 50 and older who participate in certain retirement plans.
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