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ARTICLE · 10 FEBRUARY 2023

How SECURE 2.0 Helps Employees Save For Non-Retirement Needs

Cohen & Buckmann
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Continuing with our series of posts about SECURE 2.0, some portions of the new law will significantly increase the flexibility of 401(k) plans to encourage more workers...

United StatesEmployment and HR
Ben Josselsohn
Ben Josselsohn

Continuing with our series of posts about SECURE 2.0, some portions of the new law will significantly increase the flexibility of 401(k) plans to encourage more workers to participate in workplace savings programs. In each case, workers can make better use of their plans to save for near-term and other non-retirement needs. These benefits should be popular with employees and employers, alike. Although some provisions aren't effective until 2024, it may take some time to for employers and platform providers to ramp-up technology and establish employee education programs so participants can hit the ground running.

Allowing Matching Contributions on Student Loan Repayments. In order to help employees who may not be able to save for retirement because they're still paying off student loans and missing out on matching contributions in their retirement plans, for plan years after December 31, 2023, SECURE 2.0 allows 401(k) and 403(b) plans to match an employee's qualified

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