Congress passes SECURE 2.0: How retirement plans will change in 2023 and beyond

Congress passes SECURE 2.0: How retirement plans will change in 2023 and beyond

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Christmas came early for consumers and retirement advisors late last week when Congress passed – and President Joe Biden signed into law – a $1.7 trillion omnibus spending bill that includes SECURE 2.0 Act retirement savings legislation.

“With the passage of SECURE 2.0, millions more Americans now have a better chance at retirement success,” said John James, managing director of the Vanguard Institutional Investor Group. “This landmark legislation makes it easier for participants to save for their future by broadening Americans’ access to the retirement savings system through expanded automatic enrollment and escalation; novel portability efforts; and greater transparency around target-date fund performance.”

Read more at ALM Benefits Pro

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