In addition, 90% of all nonprofit employees are eligible to participate in plans, a survey high, and likely expanded due to another SECURE 2.0 provision allowing long-term, part-time employees to participate, according to a PSCA survey.
Here are six of the big retirement stories that employers, advisors and plan sponsors (and retirement editors, like myself) need to keep on top of in the coming year.
President-elect Donald Trump has named economist Kevin Hassett, who is known in the retirement industry for a high-profile white paper that was the basis for the Retirement Savings for Americans Act bill, to lead the White House National Economic Council.
Small employers are more likely to keep balances in plans indefinitely, while larger employers are more likely to roll money over to an IRA, according to a Plan Sponsor Council of America survey.