The House and Senate have passed the Consolidated Appropriations Act of 2023, which includes a grouping of retirement plan provisions better known as, “SECURE 2.0”.
On December 23, 2022, the bill was presented and signed into law by President Biden.
SECURE 2.0 brings several advancements to the retirement industry, providing more opportunities and benefits for Americans to utilize retirement savings.
There are a total of 10 plan provisions that the passing of SECURE 2.0 will bring. Below is a summary of some of the most broadly applicable existing plan provisions that have been refined by congress and are present in SECURE 2.0.
At this moment, My Benefits is reviewing the recent legislative updates and timing of these provisions to see how they will affect the retirement plan industry going into 2023. Keep an eye out for upcoming information on the additional provisions that will be shared as we learn more.
In the meantime, if you have questions regarding your plan, we encourage you to contact your dedicated plan administrator to discuss potential changes.
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