The opportunity to save for retirement in an employer-sponsored retirement plan, such as a 401(k) or 403(b), is a benefit offered by many Atlanta employers. These plans are useful tools which encourage employees to think beyond their immediate financial needs and save for retirement. Features such as automatic enrollment help to ensure participants are added to the plan as soon as they are eligible. While helpful, there are still many who lack the proper savings for their post-working days. According to CNBC, most Americans close to retirement have only saved 12% of what they need, reflecting an alarming trend. To make retirement saving more accessible, the Securing Every Community Up for Retirement Enhancement (SECURE) Act was passed by the House. Although it’s still under consideration in the Senate, if passed, there will be many changes that plan sponsors need to consider. To help clients, prospects and others understand the potential impact, Wilson Lewis has provided a summary of key changes below.
SECURE Act Highlights
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While the changes highlighted above have not yet been passed into law, it’s a strong indicator of what Atlanta plan sponsors can expect to see in the future. If you have questions about 401(k) or other benefit plan administration issues or need assistance with your 401(k) audit, Wilson Lewis can help! For additional information please call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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