KEY TAKEAWAYS
SECURE Act 2.0 passed the U.S. House of Representatives on March 29, 2022.
SECURE Act 2.0 would make changes to employer-sponsored retirement plans to expand coverage and increase savings, as well as simplify and clarify plan rules.
On March 29, 2022, the U.S. House of Representatives passed H.R. 2954, a bill entitled "Securing a Strong Retirement Act of 2022," otherwise known as SECURE Act 2.0.
SECURE Act 2.0 would make various changes with respect to employer-sponsored retirement plans to expand coverage and increase retirement savings, including:
Mandating automatic enrollment in most new 401(k) and 403(b) plans
Increasing credit for small employer pension plan startup cost
Enhancing the saver's tax credit
Further increasing the required distribution age (gradually) to age 75
Providing a higher catch-up limit at age 62-64
Allowing a 403(b) plan to be established and maintained as a multiple-employer plan
Permitting retirement plan matching contributions for student loan payments
Codifying a safe harbor for corrections of automatic contribution failures
Expanding and clarifying rules to improve coverage for long-term, part-time workers
The proposed legislation also includes provisions to simplify and clarify retirement plan rules, including:
Providing new statutory rules to correct benefit overpayments, including limiting liability of the plan fiduciary for not recovering inadvertent benefit overpayment, and setting limitations...
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