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Why SECURE 2.0 Act Auto-Enrollment and Escalation Will Boost Employee Financial Well-Being

Griffin Benefits

JUNE 29, 2023

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0

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401(k) Retirement Plan Salary Take Home Pay 52
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SAVING 1% MORE COULD BOOST PENSION BY 25%

Employee Benefits

SEPTEMBER 14, 2023

The cost to the employee of this increase in contribution is a reduction in take home pay of less than £12 per month (£136pa). The impact on the employee’s pension pot is that the estimated pension pot value at retirement is increased by 25%, from £99,341 to £124,177.

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Pension Take Home Pay Salary Taxes 64
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