On December 23, Congress passed and soon thereafter President Biden signed into law the latest spending bill, which included the Secure 2.0 Act of 2022. This is good news for retirement savers. The bill includes hundreds of provisions that take effect at differing times. Here are some of the key provisions:
Those that impact your savings:
Those that impact the administration of the plan:
These are just a few of the ways the Secure 2.0 Act of 2022 aims to make saving for retirement easier. 401(k) Plans and other qualified defined contribution plans offer employers the opportunity to provide employees with a measurably valuable benefit. This bill just enhanced the benefit. Whether you are a participant saving for retirement or a sponsor offering the benefit, you should pay attention as the various changes are enacted and be sure to take advantage when they become effective.
New laws enacted by congress are often complex. As a result, you should seek advice from an expert in the retirement plan space.
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