Thanks to SECURE Act 2.0, newly established 401(k) and 403(b) plans must now have an automatic enrollment. The SECURE Act 2.0 was passed in December 2022 and made sweeping changes to retirement plan regulations....more
The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...more
Employers that sponsor retirement plans continue to have a lot on their plate. With SECURE Act 2.0 requirements now in play, this legislation continues to add more and more to your (already) overflowing plate. However, as is...more
Automatic enrollment is one of the best features of a 401(k) plan especially when it was finally codified into law in 2006. I think it helps participants save for retirement and helps increase participation, which can help...more
The IRS issued Notice 2024-2 (Notice), which provides guidance in a question and answer format concerning certain provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). The following is a brief overview of key provisions in...more
Approximately one year after Congress enacted the SECURE 2.0 Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02, which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline. Although...more
The Internal Revenue Service gave retirement plan sponsors end-of-the-year gifts by providing guidance under twelve sections of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Although Notice 2024-2, released December 20, 2023...more
The Internal Revenue Service (IRS) recently published Notice 2024-2, which provides guidance on several sections of the SECURE 2.0 Act of 2022. This article highlights some of the more significant changes affecting retirement...more
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design...more
As 2023 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more
The SECURE Act 2.0 brings a slate of changes to retirement accounts and the way workers save for retirement. A summary of the Act can be found on the US Senate Finance Committee website....more
When the Internal Revenue Code was amended in 2006 to add Automatic Enrollment with fiduciary protection, I was for it. If we could get participants to save passively, maybe they would decide to be active participants and...more
Andrew E. Graw, Megan Monson, Jessica Kriegsfeld discuss the SECURE 2.0 Act and some of the retirement plan changes it will create in 2023 and beyond, such as raising the age for taking required minimum distributions from...more
by Leslie Thomson Secure Act 2.0 requires certain plans to automatically enroll participants once they become eligible to participate. Plans that were established prior to December 29, 2022 are exempt from this new...more
In late December of 2022, the Consolidated Appropriations Act of 2023 (the “Act”), which was part of the larger Securing a Strong Retirement Act, became law. Approximately ninety provisions in the Act affect qualified...more
The Consolidated Appropriations Act of 2023 was signed into law on December 29, 2022, and has ushered in one of the most significant pieces of retirement plan legislation in recent memory. SECURE Act 2.0 (SECURE 2.0) contains...more
On December 29, 2022, President Biden signed into law the long-awaited Secure Act 2.0 of 2022 (Secure Act 2.0 or the Act), adding another round of major retirement plan changes to those made by the first Setting Every...more
The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation. The following are...more
Join partners from McDermott’s Employee Benefits team as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar...more
The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022—the “enactment date”. SECURE Act 2.0 has over 90 provisions, some major and some minor. One of the most...more
The 2022 holiday season brought a long-awaited gift from Congress; the retirement plan bill known as “SECURE 2.0” (successor to 2019’s Setting Every Community Up for Retirement Enhancement Act, the original “SECURE Act”) was...more
Another win for behavioral economics. On December 22, Congress passed an omnibus spending package that incorporated numerous pieces of legislation, and President Biden signed it into law on December 29. One provision...more
Employers sponsoring qualified retirement plans like a 401(k) will be required to amend their plan documents in coming years to incorporate changes made by SECURE 2.0 and must operate their plans in accordance with the Act as...more
Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...more
Congress has passed long-awaited retirement legislation under Division T of the Consolidated Appropriations Act of 2023 known as the SECURE 2.0 Act of 2022 (the “Act”), which awaits the President’s signature. The Act is a...more