CHARLESTON, W.Va. – Recently, the SECURE 2.0 Act, a comprehensive retirement security package, was signed into law. The package, which builds on the previously passed SECURE Act, includes provisions from the Retirement Security and Savings Act, legislation U.S. Senator Shelley Moore Capito (R-W.Va.) co-sponsored that includes a broad set of reforms designed to strengthen Americans’ retirement security.
“As a cosponsor of Senators Portman and Cardin’s Retirement Security and Savings Act, I was proud to support the passage of SECURE 2.0, and I’m thrilled it is now the law of the land. Building upon the successful implementation of the SECURE Act of 2019, signed into law by President Trump, SECURE 2.0 will continue to provide commonsense solutions to help Americans plan and save for their retirement,” Senator Capito said.
SECURE 2.0 will
Increase participation in retirement plans by expanding automatic enrollment features in retirement plans;
Decrease costs for employers that seek to offer retirement plans for their employees;
Encourage small businesses to offer retirement plans, and simplify various rules relating to 401(k), 403(b), and other retirement plans;
Encourage workers to save more and allow retirees to save; and
Provide flexibility for workers who have unexpected emergency expenses.
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