Enter to open, tab to navigate, enter to select
SECURE 2.0 Act Provisions Affecting Retirement Plans Toolkit
Practical Law Toolkit w-038-3209 (Approx. 8 pages)
SECURE 2.0 Act Provisions Affecting Retirement Plans Toolkit
by Practical Law Employee Benefits & Executive Compensation
| Maintained • USA (National/Federal) |
Resources to assist retirement plan practitioners and plan fiduciaries with compliance with the SECURE 2.0 Act (SECURE 2.0).
Title T of the Consolidated Appropriations Act, 2023 (Pub. L. No 117-328 (Dec 29, 2022)) (SECURE 2.0), enacted on December 29, 2022, contains numerous provisions changing the laws governing qualified retirement plans. Many of these provisions are new and in other cases the provisions build on the provisions in the Setting Every Community Up for Retirement Enhancement (SECURE Act) which was enacted on December 20, 2019.
SECURE 2.0 makes many changes to the laws governing retirement plans, including:
- Expanded automatic enrollment rules for 401(k) plans.
- Treating an employee's student loan payments as elective deferrals for purposes of matching contributions.
- An increase in the age for required minimum distributions.
- Greater catch-up contributions and financial incentives for plan participation.
- New options for plan distributions, including withdrawals for emergency expenses, long-term care insurance, and to victims of domestic violence.
- Expanded correction methods under the Employee Plans Compliance Resolution System (EPCRS).
- Changes for 403(b) plans and investments.
- Tax credits for encouraging small employers to sponsor retirement plans.
- Reporting and disclosure requirements.
The Toolkit provides links to several continuously maintained resources designed to help retirement plan sponsors, fiduciaries, and practitioners comply with the SECURE 2.0 Act. We will continue to add resources to this Toolkit as we publish and update them.