THRIVE, a Paychex Business Podcast

Ready For Retirement? Congresswoman Judy Chu On the SECURE Act 2.0

May 24, 2022

When it comes to living in retirement, many Americans are at risk of not having enough savings to maintain their standards. That’s why in 2019, The SECURE Act was passed, to address retirement savings plans and provide assistance to employees and employers as they save for their future. Now, 3 years later, the SECURE Act 2.0 has passed in the House, and will soon face a vote in the Senate. Hear from Congresswoman Judy Chu, as she talks with host Gene Marks about the retirement crisis, this latest act, planning for a secure retirement, and what it all means for business owners and their employees.

Topics include:

01:34 – The retirement crisis
02:16 – The SECURE Act of 2019
02:43 – The SECURE Act 2.0
03:08 – Opt-in vs. opt-out programs
06:18 – Increasing the catch-up contribution limits
06:56 – Reimbursement for small businesses
08:27 – Increases the age of distribution
09:49 – Retirement savings lost and found
11:43 – How SECURE Act 2.0 is looking out for domestic abuse survivors
12:46 – Military spouse provision
13:35 – Student provision
14:38 – Low-income and the savers credit

Learn more about the SECURE Act 2.0 at www.paychex.com/articles/compliance/secure-act-changes.

Hear more from Gene Marks about the SECURE Act 2.0 here.

Find out what you need to know about state-facilitated retirement programs at https://www.paychex.com/articles/employee-benefits/8-states-state-sponsored-ira.

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.