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SECURE 2.0: Broad Bipartisan Retirement Reform Finally Crosses the Finish Line

January 5, 2023

Eagerly anticipated comprehensive retirement plan legislation commonly known as the "SECURE 2.0 Act" was signed into law on December 30, 2022, as part of the Consolidated Appropriations Act of 2023. The changes made by the SECURE 2.0 Act are just as sweeping as the original SECURE Act (i.e., the Setting Every Community Up for Retirement Enhancement Act of 2019), if not more so. As was the case with its predecessor, the vast majority of the provisions in SECURE 2.0 are seen as a win for participants and the industry as a whole. However, these benefits will come at the cost of many new plan design, document, and administration challenges for plan sponsors in 2023 and beyond.

The legislation contains nearly 100 provisions that will significantly change the retirement plan landscape. While this alert is not intended as a comprehensive summary, we do wish to highlight the following key provisions:

The above-referenced changes merely scratch the surface of this extensive Act. Significant regulatory guidance is still needed, and plan document amendments are generally not due until 2025. However, many SECURE 2.0 Act provisions are effective immediately, and plan sponsors must ensure that their plans comply with these new requirements in operation. Please contact the authors or your Miller Canfield attorney as soon as possible to determine whether immediate action is required with respect to your plan.