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SECURE 2.0 Act of 2022—Congress’s Final Gift of 2022 to Retirement Plan Sponsors  

Author:  Seth J. Hanft.; Christopher R. Switzer.

Source: Volume 40, Number 02, Winter 2023 , pp.45-55(11)

Journal of Taxation of Investments

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The SECURE 2.0 Act of 2022 makes important changes that retirement plan sponsors will need to act on immediately and in the coming years. Many of the changes are focused on addressing the endemic problem of Americans under-saving for retirement. For example, the Act aims to increase saving through provisions such as automatic enrollment, student loan payment matching, and an increased catch-up limit for plan participants ages 60 to 63. But the Act also includes other changes that both employees and plan sponsors will view as beneficial, including another increase to the required minimum distribution age, a relaxation of certain plan disclosure requirements, further expansion of self-correction options for certain plan errors, and limited withdrawals for emergency expenses. Though the Act’s provisions have varying effective dates—including some effective dates several years after enactment—many of the Act’s provisions are effective now or will require advance planning to implement before their compliance deadlines. This article provides a brief overview of the Act’s impact on retirement plans so that plan sponsors and administrators can develop a strategy for compliance.

Keywords: SECURE 2.0, retirement, pension, ERISA, minimum distribution age, catch-up contributions, automatic enrollment, participation requirements

Affiliations:  1: Baker & Hostetler LLP; 2: Baker & Hostetler LLP.

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