We’ve just added a new resource page to NAPA Net about the SECURE 2.0 Act of 2022.
This new page is your one-stop resource for information about the new legislation, which was enacted on Dec. 29, 2022. It includes links to the legislation and related legislative documents, our news coverage and analysis, and various recommended resources.
Building off the foundation laid by the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act, the wide-ranging SECURE 2.0 legislation draws from several bipartisan bills to encourage more employers to offer opportunities to save for retirement at work, make it easier and less costly for small businesses to offer retirement plans, and help ensure retirement savings last a lifetime.
Among the key provisions contained in the new law include:
- The establishment of a new “Starter K,” supported by the ARA to allow employers that do not currently sponsor a retirement plan to offer a starter 401(k) plan (or safe harbor 403(b) plan);
- A 100% tax credit for new plans;
- An enhanced Saver’s match that will modify the existing Saver’s Credit by changing it from a credit paid in cash as part of a tax refund to a government matching contribution that must be deposited into a taxpayer’s IRA or retirement plan;
- A new “pension-linked” emergency savings provision;
- A new student-loan matching program to treat student loan payments as elective deferrals for purposes of matching contributions;
- Higher catch-up limits at age 60, 61, 62 and 63;
- Increasing the required minimum distribution (RMD) age;
- Expansion of the current qualified longevity annuity contract (QLAC) limits;
- Provisions for auto-portability;
- Establishment of a Retirement Savings Lost and Found;
- Expansion of the Employee Plans Compliance Resolution System (EPCRS); and
- Reforms to the family attribution rules.
We hope you find this to be a helpful resource as you learn more about all the details of the SECURE 2.0. Be sure to bookmark this page, as we will continue to add to it in the days and weeks to come.
You can access our other “Hot Topics” resource pages here.