Search
 

SECURE 2.0 implementation strategies for 2025: A 5-step plan to keep 401(k)s compliant

After plan sponsors understand which provisions are applicable and when they need to be implemented by, the next step is to determine who will be responsible for the implementation.

By Grace Gonzalez | November 29, 2024 at 08:30 AM
SECURE 2.0 Act

The SECURE 2.0 Act (Setting Every Community Up for Retirement Enhancement) was established in 2022 to improve retirement savings options. The act comes at a crucial point in the world of retirement planning, where nearly two thirds of U.S. employees feel their retirement savings are not on track and around a quarter of non-retired adults have no retirement savings at all, according to The Motley Fool.

SECURE 2.0 is intended to encourage individuals to save more for retirement, improve retirement plan regulations and lower the employer cost of setting up a retirement plan. In order to accomplish these goals, this robust Act contains over 90 provisions – making the implementation of the Act a daunting task for plan sponsors. By using some of the following strategies, plan sponsors can help simplify the implementation process and ensure they are remaining compliant with the required provisions as they become effective.

NOT FOR REPRINT

© 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.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.