Jan 20, 2023, 11:08 AM
(From Venable LLP) On December 29, 2022, President Biden signed into law the SECURE 2.0 Act (the Act), which is a comprehensive enhancement to the Setting Every Community Up for Retirement Enhancement Act of 2019. The Act provides sweeping changes – some, mandatory – for retirement benefit plans, expanding on many provisions in the SECURE Act. Some of these provisions go into effect in 2023 or are retroactive. Below are a few of the key mandatory changes in the Act affecting retirement plans:
For a more comprehensive analysis of the provisions impacting employer retirement plans, see Venable LLP's latest update on SECURE 2.0.
years is the target ceiling for a school plant's financial "age."