A new report on Saver's Match, a program designed to address racial disparities in retirement saving among workers, has more clearly defined the benefits of the new program when it goes into effect in three years. The report from the Morningstar Center for Retirement and Policy Studies found that workers may be able to see "profound" increases in the amount they have saved at retirement, if they take advantage of the Saver's Match program.
Saver's Match, part of the SECURE 2.0 legislation, starting in 2027 will directly deposit matching funds in retirement savings for workers in certain categories, primarily lower-income workers.
The new research builds on earlier studies, and shows new evidence that the program will reduce disparities for lower-income workers—often female and Black workers—who have been found to see lower retirement savings compared to other employees.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
