SECURE 2.0 provides two optional opportunities for plan sponsors to provide participants access to funds for emergencies that will be available in 2024. Providing access to funds for emergencies sounds attractive, but the administrative requirements of these provisions will likely make adoption slow. As participants struggle to meet short-term financial emergencies, these provisions may become popular in employer plans. However, these provisions, like many included in SECURE 2.0, come with administrative burdens that plan sponsors and recordkeepers need to be prepared for before implementation.
Watch our short video with Multnomah Group consultant Breion Rollins as he walks through the two options.
For more Timely Topics for Retirement Plan Sponsors with Breion Rollins videos, check out our YouTube page and subscribe for more here. If you have further questions about SECURE 2.0, check out our blog on the topic or contact our advisors using our Contact page.
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