SECURE 2.0 Act Brings Substantial Changes for Retirement Plans

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:

  • Expansion of automatic enrollment
  • Increase in part-time worker access to retirement plans
  • New provisions around catch-up limits for certain employees

For a more comprehensive analysis of the provisions impacting employer retirement plans, see Venable LLP's latest update on SECURE 2.0.

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