Below is part four of our five-part blog series on the Act. Be sure to bookmark www.bpas.com/blog!
The SECURE 2.0 Act of 2022 (the Act) was signed into law by President Biden on December 29, 2022 as part of the Consolidated Appropriations Act of 2023. Most of the Act’s provisions are intended to enhance coverage and participation in 401(k) and similar-type plans, such as a 403(b), particularly among small businesses that currently do not offer a retirement plan and industries that employ large swaths of part-time workers. There are some other provisions that apply to cash balance defined benefit plans and many others that impact all types of retirement plans.
A Deeper Dive: Additional defined benefit plan-specific provisions
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Next week, we conclude our SECURE Act 2.0 blog series with part five and highlight provisions that simplify and clarify certain rules and administrative concerns.
The SECURE Act 2.0: What You Need to Know
Join BPAS for a free webinar Wednesday, March 1st at 12:00 pm EST. With more than 90 new provisions, understanding the SECURE Act 2.0 may seem daunting–this webinar will summarize everything you need to know about how the Act will affect you and your employees now and into the future. Register here!
Questions or concerns about the new legislation? Contact your financial advisor or BPAS Participant Services.
The information provided in this blog post is for informational purposes only and should not be considered as financial, legal, or professional advice. Always consult with a qualified professional for specific advice tailored to your individual circumstances.