The retirement savings measure labeled Secure 2.0 would reset how people enroll in retirement plans. Here's how it works.
has been billed as a dramatic step toward shoring up retirement accounts of millions of U.S. workers. But the real windfall may go to a far more secure group: the financial services industry.— from requiring them to opt into plans, to requiring them to opt out. The provision is designed to ensure greater participation.
Katherine DeBerry, a representative from Prudential, said the firm applauds the passage of Secure 2.0, stating that it "will help ensure employees’ retirement savings last a lifetime." Mollie Timmons, a spokeswoman for Portman said the provisions of Secure 2.0 will "help part-time workers and help more small businesses offer retirement plans to their workers, which is where most lower-income workers are employed.
In the sweeping spending package passed Friday, lawmakers authorized roughly half of the $1.4 billion spending increase proposed by the Biden administration for Social Security. Still, the latest legislation is a small step meant to assist the millions of Americans who haven’t saved for retirement.
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