After months of on-again off-again consideration of competing bills, US Congress capitalized on bipartisan support for retirement plan legislation to deliver the SECURE 2.0 Act of 2022 (SECURE Act 2.0) as part of the year-end omnibus spending bill, the Consolidated Appropriations Act of 2023 (the CAA).
The Setting Every Community Up for Retirement Act of 2019 (SECURE Act 1.0), enacted at the end of 2019, included a wide range of provisions that were intended to expand access to retirement plans and make saving for retirement easier for both employers and employees. When it was enacted, SECURE Act 1.0 was widely hailed as the most significant piece of retirement plan legislation in more than 10 years. Barely three years later, SECURE Act 2.0 continues this push by not only expanding some of the original SECURE Act 1.0 themes and concepts, but also adding a host of new ones. SECURE Act 2.0 is not final until the CAA is signed into law, but it is widely anticipated that President Joseph Biden will sign it soon.
There is nothing that employers or retirement plan sponsors need to do by year's end in response to SECURE Act 2.0. A brief listing of significant provisions in SECURE Act 2.0 is set forth below. Morgan Lewis will issue more detailed analyses of SECURE Act 2.0 in a series of releases in the coming weeks.
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