Last year's Consolidated Appropriations Act included the most comprehensive pension reform since 2006, though not all of the provisions are effective in 2023. Many changes affect 401(k) plans, but SECURE 2.0 will eventually impact all types of retirement plans, including IRAs, defined benefit plans and ESOPs. Cohen & Buckmann attorneys have been writing about these changes since the new law was passed.
We've assembled our Insights into SECURE 2.0 into this page as a convenient resource:
SECURE 2.0 is Passed with Gifts for Everyone Read our overview of the legislation.
How SECURE 2.0 Aims to Increase Plan Participation This post discusses mandatory auto-enrollment and new requirements to cover long term part-time employees.
Impacts Defined Benefit Plans, Too This post tracks the changes affecting cash balance plans, surplus asset transfers to fund retiree health and welfare benefits, funding notices and lump sum windows.
Creates New Opportunities for IRAs, SEPs and SIMPLE IRAs. Read about new contribution options and penalty relief.
Defined Contribution and IRA Distributions Reconsidered. This post discusses new RMD rules and changes encouraging annuitization of benefits.
Helps Employees Save for Non-Retirement Needs. Read about emergency savings accounts and an option to match student loan repayments.
Impacts 403(b) Plans, MEPs and ESOPs. This post addresses changes to plans subject to special statutory and regulatory requirements. The changes make more 403(b) money eligible for hardship withdrawals and will result in much needed guidance on ESOP valuations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
