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SECURE Act 2.0: Changes to employer-sponsored retirement plans

Passed in December 2022, the SECURE Act 2.0 includes a comprehensive set of provisions intended to help many Americans and employers with retirement saving. These changes are designed to increase retirement savings opportunities, close coverage gaps, lower employers’ cost of sponsoring retirement savings plans and reduce the administrative burdens of sponsoring a plan. Between the passing of this legislation and pending state plan mandates, now is the time to be assessing your employer sponsored retirement benefits. Many of its provisions are not detailed here, so please contact your financial advisor to see how this new legislation affects your plan.

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