However, it is also well known that further strains on Social Security threaten its overall reliability for future retirees, especially in an environment of tax cuts that will require benefit reductions in federal spending. With a total cost of $190 billion over the next 10 years, according to the Congressional Budget Office, there are concerns that future retirees will bear the consequences.

Q: What is SECURE 3.0 and how will impact retirement savings?

A: SECURE 3.0 is a rumored bill that could improve retirement security for millions of Americans. SECURE 3.0 could make rollovers simpler and easier for consumers, could introduce default investments in Individual Retirement Accounts and could generally extend coverage for more Americans. Following the election, the timing of SECURE 3.0 is unclear, but retirement security is of paramount importance to many employers and consumers and so there will be watchful eyes on progress in this area.

Q: Will the DOL's new lost & found database help with 401(k) zombie accounts?

A: The DOL's new lost & found database is set to launch by the end of the year, but there are likely to be several impediments to coverage. The database is being constructed on a voluntary basis, meaning that recordkeepers and ultimately plan sponsors will need to approve the submission of zombie account data to the DOL.

Related: 401(k)s under a Trump presidency: Could new policies usher in a new era in retirement plans?

The database is also only expected to cover adults over the age of 65 at the point of launch, meaning many younger workers who could benefit from the database will be left out for now. Over time the DOL's database has the potential to grow coverage and consumer support as well as legislative support will be a key driver of this.

Q: How can employers help underserved Americans manage their retirement accounts?

A: There are multiple studies that show individuals who receive employer-provided programs and financial education are more likely to have a higher amount of retirement savings.

Instant Insights /

SECURE 3.0? What's on the horizon for retirement policy as President Trump takes office, again

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