Impact of SECURE Act 2.0 and the Changing Retirement Landscape

The SECURE Act 2.0 was signed into law at the end of 2022, building upon the work that the original SECURE Act did to address the retirement crisis in the U.S. On this episode of Paychex THRIVE, a Business Podcast; host Gene Marks is talking with the CEO of the American Retirement Association, Brian Graff. Listen in as Brian discusses the impact that SECURE 2.0 will have on businesses and employees, and what some of the great incentives it has built in.

Topics Include: 00:00 – Welcome, Brian Graff 01:14 – American Retirement Association 02:21 – Purpose of the SECURE Act 2.0 03:18 – Likelihood of workers to saving 04:23 – Impact of SECURE 2.0 on businesses 05:01 – Will SECURE 2.0 have a bigger impact? 06:18 – SECURE Act 2.0 incentives 07:27 – State plans vs. SECURE Act 2.0 tax plan 08:34 – Tax credits and Starter-K 09:58 – Tax credits for matching contributions 11:51 – Matching on student loan payments 13:33 – Emergency withdrawal provision 15:25 – Flexibility with Roth accounts 17:01 – New Roth requirements 18:53 – Automatic enrollment 21:18 – Database for missing retirement accounts 23:25 – Part time worker eligibility to save 24:44 – Impact of raising age for distribution 27:35 – What should business owners be doing? 29:17 – Wrap up

Hear more about how the SECURE Act 2.0 is working to combat the retirement crisis at www.paychex.com/worx/podcasts/business/secure-act-combating-retirement-crisis.

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

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.