Employees grow more familiar with SECURE 2.0 – Charles Schwab

An increased portion of employees became more familiar with SECURE 2.0 provisions than a year ago, according to Charles Schwab’s recently released 2024 401(k) Participation Study that it conducted from mid-April to early May.

Half of the respondents were aware of the provision that makes it easier for 401(k) withdrawals, up from 39% a year ago. Familiarity with the other sections was under 50%, ranging from 37% to 49%. That’s an increase of several percentage points from last year, however.

Awareness of SECURE 2.0’s provisions ranged by generation. Younger workers (millennials and Generation Z), had more knowledge than older employers (Generation X and baby boomers). Notably, baby boomers’ familiarity ranged from 18% for the emergency savings provision to 44% for the increased age requiring withdrawals.

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