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

Join Peninsula SHRM for lunch to learn about key changes impacting employer provided retirement plans.  Register today at:  https://vapeninsulashrm.com/meetinginfo.php?id=156&ts=1677705950

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 nearly 100 provisions of which many will impact workplace benefits plans (401k, 403b, SIMPLE IRA, etc.) and address the U.S. retirement savings crisis.

These provisions continue the theme and reforms that began with the 2019 SECURE Act, focusing on getting more participants into the retirement system, finding ways for them to accumulate more assets and helping them achieve retirement readiness.

This summary of key provisions includes 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 packages 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.