Business 401(k) Services / Plan Administration
How SECURE 2.0 Impacts Your Company’s 401(k)
The Securing a Strong Retirement Act was big news in December 2022. Dubbed SECURE 2.0 (it’s a follow-up to the SECURE Act of 2019), the new law made headlines for the changes to the required minimum distribution limit (RMD) and tax credits for new plans (covering up to 100% of plan costs). These changes will allow more Americans access to a retirement plans and encourage more Americans to save – which we think is great news! But those are just a few of its 92 provisions.
Many of the provisions affect companies with existing plans. To help you familiarize yourself with these changes, we’ve put together an overview (see chart below,) of the most impactful parts of SECURE 2.0. For a comprehensive summary of all sections of SECURE 2.0, reference the Senate Finance Committee Summary of SECURE 2.0 Act.
For questions about how SECURE 2.0 will impact your plan or your employees contact us today and one of our retirement specialist will be happy to help you.
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