Secure 2.0 Is (Finally) Here: Now What?
By Jon Marquet of Trust Point Inc.
The Secure 2.0 Act of 2022 was enacted on December 29, 2022 as part of the Consolidated Appropriations Act of 2023.
Secure 2.0 is significant and sweeping legislation that addresses a long list of issues concerning tax-advantaged retirement savings, including retirement savings via 401 (k) retirement plans and other employer-based retirement plans. Indeed, it may be the most consequential legislation concerning tax-advantaged retirement savings and employer-based retirement plans since the Employee Retirement Income Security Act of 1974.
Given its recent enactment and vast scope, proper understanding and full implementation of Secure 2.0 will almost certainly require further interpretation and guidance from the IRS, Department of Labor, and, ultimately, the judiciary. However, meaningful interpretation and guidance from the IRS and DOL is not expected for some time. And no business wants to test its interpretation through the courts.
Thus, business owners and HR professionals must proceed carefully and in good faith to understand and implement any required or advantageous changes to their plan documents, process, and administration, while remaining attuned to any further guidance and legal interpretation concerning this substantial legislation.
This presentation will provide business owners and HR professionals with critical information so that they can start to digest, understand, and ultimately implement the significant provisions of Secure 2.0. Among other items, the presentation will help business owners and HR professionals understand:
When? When will the most significant provisions of Secure 2.0 take effect.
What? What are the most significant new requirements and options in Secure 2.0 and how will those new requirements and options affect plan sponsors and the administration of 401 (k) plans.
How? How can business owners and HR professionals plan and prepare for the significant changes demanded by Secure 2.0.
Secure 2.0 is big news and a big deal. It is will have a significant and long-lasting impact on tax-advantaged retirement savings and employer-based retirement plans. Thankfully, Secure 2.0 generally allows business owners and HR professionals some time to implement and address most of its mandates and new options. This time should be used wisely. And business owners and HR professionals should start to digest and understand the intricacies of the law sooner rather than later.