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
Savings and income preservation
- Employer match for qualified student loans
- Increased catch-up contributions for eligible participants ages 60-63
- Required minimum distribution age increase
- Removes regulatory annuitization barriers
Simpler plan administration
- Participants can self-certify for hardship distributions
- Increased cash out limit for automatic distributions
- Fewer required disclosures for participants who are not enrolled
Expanded access to retirement plans
- 403(b) sponsors can join a multiple employer plan
- Auto-enrollment required in new ERISA 403(b) and 401(k) plans
- Long-term, part-time workers gain eligibility faster
Insights & resources 5 Things you need to know about SECURE 2.0 Act
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