In a recently released white paper, FinFit provides an overview of the Secure 2.0 Act of 2022, its wide-reaching implications in the workplace and beyond, the glaring gap in the new legislation, and practical next steps for employers.
Today, more than six out of ten employees across America are living paycheck to paycheck. This is an increase of over nine million Americans from the end of 2022. And the issue reaches across classes and touches both hourly and salaried workers. In December 2022, 50.8% of those earning over $100,000 annually reported they, too, are living paycheck to paycheck.
For many of these employees, regular contribution to an established 401(k) isn’t feasible. But the Secure 2.0 Act of 2022 only provides short-term emergency liquidity options for employees with retirement accounts, leaving employers to solve this challenge through additional initiatives.
“With nearly 50% of the Americans not being able to cover a $500 unexpected expense with cash, emergency savings is a critical solution to financially stabilizing the U.S. workforce. This new legislation provides provisions for companies to increase savings for their employees, which will have a positive impact on productivity and health outcomes. FinFit is uniquely positioned to provide employers and recordkeepers with emergency savings and liquidity solutions to deliver on the promise of the SECURE 2.0 Act.” – Charles Lattimer, Chief Health & Wellness Officer, FinFit
To access FinFit’s full white paper, “Secure 2.0 Act of 2022 & The Power of Emergency Savings,” click here: https://www.finfit.com/FinFit_files/FinFit-Secure-2_0-Power-of-Emergency-Savings-2023.pdf.
About FinFit: FinFit was established in 2008 and currently services over 360,000 organizations across the United States. As the most comprehensive employee financial wellness solution in the Country, FinFit works to bridge the opportunity gap with equal access to services, products, and solutions to build financial stability today, and financial security tomorrow. Some of these services include personalized financial assessments, premier educational resources, online money management tools, financial coaching, financial solutions, early wage access, spending and savings accounts, student loan services, and a member rewards program. As an organization, FinFit focuses on creating positive, healthy financial behaviors and products to support long term financial wellness for all employees served.View source version on prnewswire.com: prnewswire.com/news-releases/finfit-releases-new-white-paper-secure-2-0-act-of-2022–the-power-of-emergency-savings-301767859.html