SECURE 2.0 Act: Summary of Key Changes Impacting Employer Provided Retirement Plans

In the final days of 2022, the President signed into law the Consolidated Appropriations Act of 2023, which included a sweeping retirement reform package, SECURE 2.0. The law includes over 90 provisions of which many will impact workplace benefit plans (401k, 403b, SIMPLE IRA, etc.) and address the U.S. retirement savings crisis. These provisions focus on getting more participants into the retirement system, finding ways for them to accumulate more assets and helping them achieve retirement readiness. Join us for a summary of key provisions including which changes are required and which are optional for companies to adopt. Several of the optional provisions have potential to strengthen a company’s retirement benefits package and become more competitive attracting and retaining top talent. For example matching employee student loan payments in a company sponsored retirement plan and establishing emergency savings accounts for employees through the retirement plan.