WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement applauding congressional passage of the Secure 2.0 Act, legislation providing greater retirement benefits to consumers.
“This legislation will improve financial well-being by providing greater flexibility for retirees and helping more people start saving for retirement earlier in their careers,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “Secure 2.0 will also make it easier for businesses of all sizes to offer affordable retirement plans to their workers.”
At a time when economic uncertainty and record inflation is affecting retirement savings, Secure 2.0 will give workers the resources to save for retirement and help more employers offer savings plans to their employees. Secure 2.0 will allow employers to automatically enroll eligible employees into retirement savings plans which will directly enhance savings for millions over the long term. Plans with auto-enrollment have significantly higher participation rates, helping more people increase their savings for retirement.
Financial technology companies help increase access to fair, transparent, and low-cost investment opportunities and empower employers with financial tools to help their workers save and plan for retirement. Visit FTA’s website to learn more about ways financial technology helps break down barriers to savings and investment opportunities.
The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.