The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023 (Public Law No. 117-328), included a broad array of provisions affecting retirement plans and IRAs.
This news alert covers required and optional provisions of SECURE 2.0 that will begin to apply to retirement plans and IRAs in 2024.
Employers should be working with their plan service providers to ensure timely operational compliance with applicable required changes and chosen optional changes described here.
For most plans, conforming retroactive plan document amendments must be made no later than December 31, 2025. For governmental plans and certain collectively bargained plans, conforming retroactive plan document amendments must be made no later than December 31, 2027.