Opinion: Helping Maryland companies counter the ‘great resignation’

According to the U.S. Chamber of Commerce, more than 600,000 people in Maryland quit their jobs in 2021 as part of the “great resignation.” As a result, local businesses have struggled to rehire workers as many are now looking for more flexibility, as well as better pay and benefits. However, in this highly competitive job market, there may be a glimmer of hope in the form of the SECURE 2.0 Act making its way through Congress. The law aims to expand automatic enrollment in retirement plans. For example, the SECURE 2.0 Act would require employers with 401(k) or 403(b) plans to automatically enroll all new, eligible employees at a 3 percent contribution rate. This rate would also increase annually by 1 percent until it reaches at least 10 percent.