On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023, which contains an impressive collection of retirement plan reform provisions, popularly known as “SECURE 2.0.” While certain elements of SECURE 2.0 build on provisions of other recent retirement reform, man provisions are novel, expansive, complex and, often, optional.
Accordingly, employers, plan sponsors and administrators should consult with their ERISA counsel and familiarize themselves with SECURE 2.0, to decide which provisions it may adopt and, where applicable, to ensure a smooth and informed transition towards expanded retirement plan eligibility, flexibility and participation enhancement.