This is our second eAlert on the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “new Act”). As we noted earlier in our first eAlert titled “SECURE 2.0 is Finally Here! Warner Analysis Part 1,” the new Act contains over 90 provisions relating to retirement plans.

This eAlert focuses only on what we currently know about the SECURE 2.0 employer retirement plan changes that become effective for years beginning, or distributions or transactions occurring, after 2023. While this addresses where a change under the new Act applies to a 401(a), 401(k), 403(b), or 457(b) plan, it remains possible that information in this eAlert may shift as we receive more guidance on how the new law will be interpreted. In several cases, the scope of these law changes and the plans covered by them will be unclear until interpretive guidance or future legislation provides clarity. This eAlert does not address individual retirement account (IRA) or other savings arrangements not listed above.

Separate eAlerts will follow addressing changes in more detail as we receive further agency guidance and technical corrections from the government. Over the coming months, we will monitor future guidance from governmental agencies and offer additional educational opportunities. Join us on March 7 and 28 at 12:00 noon for webinars further discussing what we know at this point about the new Act.

Click the image below for a PDF detailing the various changes.