Jack VanDerhei - Profile and Journalist Details
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Jack VanDerhei
Verified
Editor, Benefits Quarterly
Washington
Beats
History, Literature, Economics, Geopolitics, Art
Content
By Spencer Look, Jack VanDerhei| Morningstar@ The retirement savings gap between higher- and lower-income households is well-documented. The real question is, what can the industry do to close the gap and help investors be better prepared for retirement? Enter the Saver’s Match. This federal program was created as part of the Secure 2.0 Act of 2022. Starting in 2027, it will provide eligible savers a 50% match on the first $2,000 of qualified retirement contributions (where eligibility is based on modified adjusted gross income).
By Spencer Look, Jack VanDerhei| Morningstar@ Roughly 50% of Americans do not have access to a retirement plan through their employer. The Retirement Savings for Americans Act, introduced in Congress in October 2023, aims to close that gap. In particular, the RSAA would create a federal retirement plan, automatically enrolling workers without access to an employer-sponsored plan at a 3% savings rate. The RSAA would also provide a federal match tax credit for low- and moderate-income workers that would begin to phase out at median income.
By Spencer Look, Jack VanDerhei| Morningstar@ The retirement savings gap between higher- and lower-income households is well-documented. The real question is, what can the industry do to close the gap and help investors be better prepared for retirement? Enter the Saver’s Match. This federal program was created as part of the Secure 2.0 Act of 2022. Starting in 2027, it will provide eligible savers a 50% match on the first $2,000 of qualified retirement contributions (where eligibility is based on modified adjusted gross income).
Company Info
Benefits Quarterly