SECURE Act 2.0 Changes Impacting Employers and Individuals
Securing a Strong Retirement Act (SECURE 2.0) was signed into law at the end of 2022. This law brings significant changes to the retirement savings landscape. As a follow up to the 2019 SECURE Act, SECURE 2.0 continues to focus attention on enhancing employee savings for retirement, and when and how plan benefits are distributed to participants. A majority of the new law’s provisions take effect in 2024, but employers and individuals should begin planning for these changes now.
Learn from Cherry Bekaert’s compensation and benefit plan specialists as the highlight key changes to qualified retirement plans for employers and opportunities for enhanced retirement savings for individuals.
- Provisions affecting –
- Retirement savings plans
- Incentives for individuals to save for retirement
- Lower employer costs to offer and fund retirement savings plans
- Provisions of the bill that –
- Push back the required minimum distribution start date
- Raise the catch-up contributions limits
- Reduce penalties on individual retirement accounts (IRAs)
- Provide access to emergency funds
- Convert collect savings to ROTH IRAs
- Action items to keep top as mind as an employer or an individual