On December 30, the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act – a bill featuring more than 100 provisions aimed at modernizing and improving the U.S. retirement planning system – was signed into law by President Biden as part of a $1.7 trillion omnibus appropriations bill to keep the federal government running through the next fiscal year.
Carson Group Managing Partner Jamie Hopkins, one of America’s top retirement experts and past NRMLA speaker, published a video summary on YouTube that highlights key provisions of Secure 2.0. Hopkins comments were condensed into an article published by ThinkAdvisor.com, an online resource for retirement planning professionals.
- Hopkins says the new “Starter 401(k)” provisions could be a real game changer for small-business owners. Put simply, Starter 401(k)s will allow small businesses to deliver a useful retirement solution to employees while keeping both liability and costs down; and
- The national lost and found registry and system for retirement account identification is one of the best workplace-focused changes in the bill. People who are approaching retirement have potentially significant wealth spread around multiple recordkeeping platforms from prior employers. This new system will help people get all their retirement ducks in a row, says Hopkins. Read the full article.