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This "sandwich generation," more than any others, may need to be made aware of just how short they may be in their retirement savings journey, as well as SECURE 2.0 catch-up contributions, according to a new report.

As plan sponsors continue to evaluate the optional provisions of SECURE 2.0, many have selected which ones best align with their participants, according to Fidelity Investments.

With 90-plus provisions, SECURE 2.0 is a complex piece of legislation, and there is still some confusion among plan sponsors about tax credits to cover administrative costs, as well as which provisions are optional or mandatory.

The ERISA Industry Committee seeks clarity, on behalf of their employer members, on implementing key provisions in SECURE 2.0, including matching student loan contributions, auto-enrollment and 401(k)s for long-term, part-timers.

With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.

If small businesses are going to win the talent retention battle in 2024, they may want to offer a retirement benefit that streamlines two of the most significant barriers to offering a plan: cost and ease of administration.

Although plan amendments and related changes to summary plan descriptions may be delayed, identifying applicable changes and taking necessary steps is crucial for compliance.

The new law bolsters small businesses' ability to provide retirement benefits to their employees by offering tax credits to offset costs, however, for advisors, it's an unprecedented opportunity to tap into a new revenue stream.