May 31, 2023
The SECURE 2.0 Act of 2022 (SECURE 2.0) makes far-ranging changes to the US employer–retirement plan system intended to expand access to retirement plans and encourage savings by US workers. This LawFlash more closely examines SECURE 2.0’s provisions aimed to increase retirement savings by promoting new ways for employees to receive matching contributions.
As described in prior LawFlashes, SECURE 2.0 expands the opportunities for participants to increase their retirement savings by making additional employee contributions or for employers to increase participant contributions through automatic enrollment and escalation features.
This LawFlash explores opportunities to increase retirement savings through new “matching” contribution features, including optional matching contributions for student loan payments, contributions to an in-plan emergency savings account, as well as a “saver’s” matching contribution.
SECURE 2.0 expands an existing Internal Revenue Service (IRS) ruling position and establishes rules permitting employers to make matching contributions to employees on the basis of qualified student loan payments. These new rules are effective for plan years beginning after December 31, 2023 and apply to 401(k), 403(b), and governmental 457(b) plans.
Before SECURE 2.0, an employer could not make matching contributions to a plan on the basis of student loan repayments because of a technical rule...
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