Biden signs SECURE 2.0 Act expands retirement savings access for 50 million workers

President Biden signs the SECURE 2.0 Act of 2022 as part of the omnibus spending package. The landmark retirement security law expands access to workplace retirement plans, allowing employers to offer automatic enrollment in 401(k) plans, increases catch-up contribution limits for workers over 60, and raises the required minimum distribution age from 72 to 75. Most significantly for younger workers, SECURE 2.0 allows employers to make retirement plan matching contributions for employees who are paying down student loans, treating loan payments as if they were retirement contributions. It also creates a "Saver's Match" program to provide a federal government match of up to $1,000 for lower-income savers. The law is the most notable retirement savings reform since 2019.