Secure 2.0 Act: What you need to know
This new law is intended to increase savings, expand access to retirement plans and give more workers access to lifetime income in retirement. Here's what that means for plan sponsors.
Important SECURE 2.0 Act Update: Final regulations issued for Section 603: Roth Age-based catch-up contributions
The administrative transition period granted over the past two years will expire and the requirements of Section 603 will be enforced for tax years beginning after December 31, 2025, with no additional extensions announced.
Spotlight of key provisions of SECURE 2.0 Act
- Employer match for qualified student loan repayments
- Increased age-based catch-up contributions for eligible participants ages 60-63
- Required minimum distribution age increase
- Removes regulatory barriers to annuitization some participants faced
Simpler plan administration
- Allows participants to self-certify for hardship distributions
- Increased cash out limit for automatic distributions
- Reduces some required disclosures for “unenrolled” participants
- Permits 403(b) sponsors to join a multiple employer plan or pooled employer plan
- Auto-enrollment required in new ERISA 403(b) and 401(k) plans
- Allows long-term, part-time workersOpens pdf to become eligible faster
Insights & resources
5 Things you need to know about SECURE 2.0 Act
TIAA applauds passage of SECURE 2.0 Act
Employee provisions relevant highlights
We're here to support you
Please contact your relationship manager or consultant relations director with any questions or want to discuss next steps. If you are served exclusively by the Administrator Telephone Center, call 888-842-7782, weekdays, 8 a.m. to 8 p.m. (ET).