Matt Nowak, AIF®
Defined Contribution Specialist, Assistant Vice President
Get to Know Matt
This legislative update covers the SECURE Act 2.0, part of the Consolidated Appropriations Act, 2023 signed into law by President Biden on December 29, 2022. SECURE 2.0 is a follow-up law to the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and includes an array of changes that will impact employer retirement plans.
The text itself is quite lengthy (357 pages to be exact) so we have summarized a few of SECURE 2.0’s key provisions, broken down by effective date. While many provisions are already in effect, there is a grace period for compliance. For the 2023 effective date provisions, amendments to satisfy the new rules must be adopted by plans no later than the end of the 2025 plan year for nongovernmental plans, and the end of the 2027 plan year for governmental plans and collectively bargained plans. SECURE 2.0 also extends the plan amendment deadline for the SECURE Act, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to align with the plan amendment deadlines noted above.
This legislative update covers the SECURE Act 2.0, summarizes requirements in the SECURE Act for defined contribution plans to provide…
This legislative update covers Congress’ continued negotiation of retirement legislation with the hope of finalizing Secure Act 2.0 early next…
The House Ways and Means Committee released 881 pages of a proposed bill that would make changes to the tax…
This legislative update covers the Secure Act 2.0, provides an update on the Department of Labor’s enforcement of its
While legislators have been focused on negotiating the next round of stimulus and dealing with the implications of the recent…
On June 23rd, 2020, the U.S. Department of Labor released a proposal to amend certain fiduciary regulation around the consideration of…
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