How the SECURE Act is Working to Combat the Retirement Crisis

As the retirement crisis looms, people just aren’t saving for their retirement like they should be and need to be. That’s why in 2019, the SECURE ACT 1.0 was passed, to provide benefits to employers for offering retirement plans and to employees for who participate in those plans. Now, three years later, SECURE Act 2.0 has passed and is expanding opportunities for workplace retirement plans across the United States. Tune in as host Gene Marks talks with Sarah Faye Pierce, Head of Government Relations at Paychex, and Michael Majors, VP of HR Solutions at Paychex, about these two big pieces of legislation and how they are working to help businesses and their employees.

Topics Include:

00:14 – Episode introduction
00:45 – Meet Sarah Fay Pierce
02:47 – Meet Michael Majors
04:55 – The retirement crisis in the U.S.
06:54 – Retirement offering amongst small businesses
09:25 – SECURE Act of 2019
12:40 – What is a Pooled Employer Plan (PEP)?
15:26 – SECURE 2.0
18:55 – Highlights of SECURE 2.0
19:23 – Enhanced tax credits
20:56 – Auto enrollment
29:01 – Benefits for younger and older employees
33:15 – Contributing to Roth accounts
37:23 – Safe Harbor database
38:39 – Wrap up

Find out more about SECURE 2.0 and how Paychex can help you start a retirement plan at https://go.paychex.com/secure-act

Read more about the incentives offered by SECURE Act 2.0 at www.paychex.com/articles/compliance/secure-act-changes.

Read more about the SECURE Act of 2019 here at www.paychex.com/articles/compliance/congress-passes-secure-act-for-retirement

Learn how to set up a 401(k) plan for small business employees at www.paychex.com/articles/employee-benefits/steps-for-401k-plan-setup-retirement-saving.

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.