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 update: Deadline extended
The IRS announced a two-year extension for SECURE 2.0 section 603 requiring age 50+ catch-up contributions be designated as Roth for employees who earned more than $145,000 in the prior year.
Spotlight on key regulations
- Employer match for qualified student loan repayments
- Increased age-based catch-up contribution
- Required minimum distribution age increase
- Removes regulatory barriers to annuitization some participants faced
Simpler plan administration
- Allows participants to self-certify hardship distributions
- Modifies certain reporting and disclosure requirements
- Reduces some required disclosures for “unenrolled” participants
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).