Released: December 22, 2022

Here’s how Congress wants to overhaul retirement plans

Source: Julian Mark, Washington Post (Paid Registration)

Intended to boost retirement savings and access to 401(k) and individual retirement accounts, the Secure Act 2.0 is aimed at low- and middle-income workers, those strapped with student debt and people who may not yet have a long-term retirement account. Here are some of the key proposals:

Starting in 2025, most businesses would be required to automatically enroll employees in 401(k) plans. Employers would contribute 3 to 10 percent of their wages.

For workers earning less than $71,000 per year, the federal government would provide a 50 percent savings match up to $1,000.

 

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