SECURE 2.0 Act
As workers’ financial health has improved this year, they are more familiar with provisions of SECURE 2.0 Act, including information related to emergency expense withdrawals, according to Charles Schwab’s 2024 401(k) Participant Study of 1,000 401(k) plan participants.
More than 30 provisions have already taken effect in 2023 and 2024, while other provisions will be rolled out over the next few years. As employers have begun adopting SECURE 2.0’s 90+ provisions, more workers have become attuned to the benefits that could help them manage their finances.
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Over half of workers, especially older generations, would like to learn more about the federal government’s plan to make matching contributions to their retirement accounts. The most pronounced interest is in the federal government’s plan to make matching contributions to workers’ retirement accounts based on income. Workers were least interested in learning more about increased automatic enrollments.
In general, SECURE 2.0 has been well-received by employers and plan sponsors, however, employees would like help understanding how these new regulatory and legislative changes affect their retirement plan.
Employees are aware of the following provisions, but would like to learn more them:
53% Government matching contributions to 401(k)
40% Easier 401(k) withdrawal for emergency expenses
39% Employer contributions as Roth
39% Set up emergency savings account at work
34% Increased contribution maximum for ages 60-63
32% Raised age for required withdrawals
29% 401(k) employer contribution based on student loan payments
21% Increased auto-enrollments in a 401(k)
Related: SECURE 2.0 is all good with plan sponsors, but many still need guidance
“As employers navigate changes they can make within their retirement plans, it’s important to evaluate which provisions could add the most value for their employees,” said Marci Stewart, Director of Client Experience at Schwab Workplace Financial Services. “It’s still early days for SECURE 2.0 adoption as employers consider the potential it holds to build on the support they are offering employees across a range of financial needs.”
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
