A new EBRI study finds that key provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) could reduce the $3.83 trillion retirement savings shortfall by $115 billion for households between 35-64.
In this webinar we’ll explore how EBRI’s Retirement Security Projection Model® (RSPM) was used to evaluate the impact of provisions in the SECURE Act on retirement income adequacy on a national basis, including greater access by allowing providers to offer multiple employee plans (MEPs), raising the cap under which plan sponsors can automatically enroll workers in “safe harbor” retirement plans from 10% to 15% of wages, and coverage of long-term part-time employees.
The impact of these provisions, by themselves and in combination with others, will be shared to provide a quantitative estimate on the impact on retirement income adequacy. This effect is measured by changes in the average simulated retirement deficits, average simulated retirement surpluses and average simulated retirement net surpluses.
We’ll also discuss how results vary by cohort age and size of employer, as well as how auto portability can be used to further improve retirement savings outcomes.