401(k) plans are moving away from serving as voluntary retirement savings vehicles and towards a future where plans are mandatory and serve as a financial backstop to more than just retirement. This shift began before SECURE 2.0, as Congress approved the use of 401(k) funds to help individuals recover from designated disaster areas with the enactment of special rules related to the use of funds to purchase a home, and with the recent trend towards more holistic financial wellness offerings from recordkeepers and other 401(k) service providers.
The changes enacted by SECURE 2.0 show that this transition is picking up speed. It is going to be important for HR professionals to be ready for these changes, as retirement plans are increasingly no longer voluntary and no longer just for retirement.
In this Benefits Pro article, Groom associate Jake Eigner and Groom principal Kevin Walsh discuss six provisions that HR professionals will want to be ready for that highlight this shift. To read the article, click here.