Defined Contribution

The American Retirement Association estimates that 19 million additional workers will gain access to a workplace retirement plan through SECURE 2.0's Starter 401(k) provision alone.

The IRS has issued initial guidance to help plan sponsors implement the new pension-linked emergency savings accounts - and is open to comments in order to limit participant abuse of sidecar account matching contributions.

To raise employee awareness of benefits, firms could highlight one benefit a month and explain its value in dollar terms in a e-newsletter or devise a personalized benefits summary for each employee's annual performance review.

The automatic transfer of small-balance 401(k)s of workers who change jobs - now effective through SECURE 2.0 - could grow net incremental wealth by $1.5 trillion over 40 years, says the Retirement Clearinghouse.

The conglomerate announced its plan to halt pensions for non-union workers, shortly after IBM's announcement to resurrect DB plans, while other firms might need to reassess their own retirement strategies to assure an optimal fit.

Launched after the Supreme Court rejected President Biden's sweeping $10,000 loan forgiveness plan last summer, the SAVE program for those who borrowed less than $12,000, is set to begin in February, months ahead of schedule.