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Retirement

4 ways SECURE 2.0 will impact retirement in 2024

By Alyssa Place, This is my expertise
Published Updated 2 Min Read
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With the start of the new year comes another wave of changes to the retirement landscape. As 2024 gets underway, provisions within SECURE 2.0, legislation passed in 2022, will continue to roll out to support retirement preparedness for millions of American workers. 

SECURE 2.0 includes 90 provisions that make 401(k) plans available to more employees, help to ease administrative burdens for plan sponsors, and address other financial challenges, like student loans and unexpected emergency expenses, that impact an individual’s ability to save for retirement. 

Saving for the long-term is a challenge when short-term financial hardships like student loan debt take precedence. Sixty-seven percent of those with loans say their debt prevents them from contributing to their retirement plan, according to a study by Fidelity. 

But there is relief: This year, SECURE 2.0 will allow employers to match a percentage of an employee’s student loan payment and direct it into a retirement plan. Employees can be paying off their own loans or a spouse or dependent’s to be eligible for the match. Employers will need to coordinate with their plan sponsor to ensure a student loan match can be implemented into their existing 401(k) or 403(b) plan. 

Alyssa Place
Alyssa Place
Editor-in-chief

Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio

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