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What is the SECURE Act?

Abel HR

The act is now the most extensive reform to impact the economy since the Pension Protection Act of 2006. It allows long-term, part-time workers to take part in 401(k) plans. You are no longer required to withdraw assets from IRAs and 401(k)s at age 70½. A Few Key Takeaways.

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AbelHR: What is the SECURE Act?

Abel HR

The act is now the most extensive reform to impact the economy since the Pension Protection Act of 2006. It allows long-term, part-time workers to take part in 401(k) plans. You are no longer required to withdraw assets from IRAs and 401(k)s at age 70½. A Few Key Takeaways.

401(k) 52
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Why SECURE 2.0 Act Auto-Enrollment and Escalation Will Boost Employee Financial Well-Being

Griffin Benefits

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0 SECURE ACT 2.0

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Employee Focused Retirement Plans

HR Professionals Magazine

As pensions have gone by the wayside and 401(k) plans have gained more notoriety, employees have become increasingly more aware of their employer sponsored retirement plans, and the financial benefits they provide. At its most basic level, a 401(k) plan allows employees to save for their personal retirement needs.

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Laws And Regulations Every HR Professional Should Know In 2023

Empuls

For example, in 2006, IBM faced lawsuits over its shift from a traditional pension plan to a cash-balance plan, a change that allegedly discriminated against older workers. Recent changes have modified the guidelines concerning pre-tax contributions to various benefits packages , such as 401(k)s and Health Savings Accounts (HSAs).