The Retirement Crisis in America – How the SECURE Act Is Helping Employees and Employers

Retirement, it’s something we are all working towards, but something that many throughout the United States are not prepared for. In today’s workforce, there’s a retirement crisis happening. Too many people throughout our country are not saving what they need to retire comfortably – and this isn’t just a problem for employees, it’s a problem for employees too. On this episode, we have two great guests, Randy Feenstra and Congresswoman Ashley Hinson, both Representatives from the state of Iowa and both sponsoring the SECURE Act 2.0. Listen in as they talk with host, Gene Marks, about the SECURE Act 1.0, the SECURE Act 2.0, the Mainstreet Tax Certainty Act, and what’s on the horizon for retirement planning in the U.S.

Topics Include:

01:04 – Introducing Congressman Randy Feenstra 01:42 – SECURE Act 1.0 04:19 – What the SECURE Act from 2019 offers 05:31 – Pooled Employer Plan (PEP) 06:41 – Retirement as an employee benefit 07:51 – Changes in the SECURE Act 2.0 12:22 – Tax credit for military spouses 13:11 – Tax incentives for Employee Stock Ownership Plan (ESOP) 16:06 – Expectations for Bipartisan support of SECURE Act 2.0 17:57 – Introducing Congresswoman Ashley Hinson 21:08 – The benefit to employers 22:22 – Automatic enrollment 23:56 – Additional provisions to SECURE Act 2.0 27:19 – Main Street Tax Certainty Act 31:35 – Emergency Savings Account Act

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

Get a refresher course in retirement planning at www.paychex.com/articles/employee-benefits/retirement-planning-101-for-business-owners.

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.