Give employees a head start – Look at starter 401(k) plans and other retirement savings options

Description

Abstract: The recent SECURE Act 2.0 has created a provision establishing the “starter 401(k) plan.” This article explains that the starter 401(k) plan is designed to be easier and less expensive to launch and administer than a traditional 401(k) plan. It summarizes how starter 401(k) plans work and notes that employers can begin offering them for plan years starting after December 31, 2023. It also highlights several other SECURE 2.0 provisions that can help employers offer retirement plans to employees.