Debuting in 2019, the SECURE Act has played a pivotal role in helping US employees better prepare for retirement and combat the yawning American retirement security crisis. In fact, according to the Federal Reserve's recent Economic Well-Being of U.S. Households in 2022 report, a majority of non-retired employees now have at least some retirement savings. That said, while the number of employees with retirement savings has ticked up, a vast minority of non-retired employees, 31%, say that their retirement savings plans are "on track" according to the same report – a concerning decrease from 40% in 2021.

This shortfall has not gone unnoticed and spurred on the passage of SECURE Act 2.0 in late 2022 – an even more ambitious piece of legislation that introduced nearly 100 new provisions aimed at further helping American employees achieve better outcomes in retirement. And while this legislation has been welcomed by employees as well as business owners that will now be able to access additional tax saving benefits, alongside SECURE Act 2.0 has come a web of new compliance guidelines and regulatory measures that employers need to contend with and have buttoned up in time for audits throughout 2024 and beyond.