RECAP – SECURE Act 2.0 – Impact on Benefit Plans: Part I
At the end of 2022, Congress passed SECURE 2.0. This legislation builds on the original SECURE Act (Setting Every Community Up for Retirement Enhancement Act) of 2019 that expanded access to retirement accounts, promoted participation, and preserved savings. This legislation adds benefits to both retirement plan sponsors and their employees. The goal of the legislation is to make it more attractive for employers to offer retirement plans for employees. This will lead to big changes over the next year.