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You may have heard about automatic enrollment and escalation. Let’s explain what they mean for your business!
The SECURE 2.0 Act makes it easier for your employees to save for retirement. With that, there are a couple of things you should know.
Key Considerations:
If you began offering your plan after this date, you’re required by law to set up automatic enrollment and escalation by January 1, 2025. This involves:
Exceptions for plans that started after December 29, 2022, include businesses with fewer than 10 employees, those open for less than three years and employers with SIMPLE 401(k) plans. Government and church plans are also exempt.
Be sure to give employees proper notice of any plan changes. Partner with a knowledgeable retirement plan consultant who can help with communication and education!
If your plan started before this date, auto enrollment and escalation aren’t required. But they could still help:
Even if they’re not required, automatic enrollment and escalation can be easy to set up and maintain.
Automatic enrollment and escalation are designed to make retirement planning easier for you and your employees. By knowing these key points, you’ll be on track to abiding by the law and helping your team save for the future.
Let’s navigate what options make the most sense for your business. Contact our retirement plan consultant today!
From 401(k) plans to fiduciary support, we’ll help you explore personalized options for your employees – and for your business.
Learn how the SECURE 2.0 Act makes it easier for businesses like yours to offer retirement plans – and for employees to save for their futures!
Fulfilling your business’s fiduciary responsibility under ERISA is crucial when managing employee retirement plans, so explore four key focus areas that can help with compliance.
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