This webinar was recorded on May 11, 2023.

Toward the end of 2022, Congress passed major legislation that included the SECURE 2.0 Act of 2022. This bill made additional changes to the retirement plan landscape, following on from the Setting Every Community Up for Retirement Enhancement Act of 2019 – the original SECURE Act. With 358 pages of statutory text and over 90 provisions, this bill aimed to modernize the retirement system, encouraging the creation of new retirement plans and decreasing administrative requirements. Most retirement plans will be affected in some way, and it’s critical that plan sponsors understand the changes and any actions they may need to take.

On May 11th, Linda Duffy will be joined by a special guest speaker, Christine Roberts, a Benefits/ERISA attorney with Mullen & Henzell L.L.P. Ms. Roberts will share the following:

An overview of 2.0 provisions for existing plans and new plans
– Optional provisions you may want to take advantage of as unique benefits to offer
– Required amendments to 401(k) plans
– New catch-up contribution rules
– Required minimum distribution changes
– Auto-enrollment requirements for new plans
– Tax credits for starting new plans and more…(read more)

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The Securities and Exchange Commission has recently introduced SECURE 2.0, a set of proposed changes to retirement plans that aim to increase access to retirement savings and improve retirement security for American workers. These changes could have a significant impact on employers and their employees, so it is important for employers to understand what SECURE 2.0 entails and how it may affect their retirement plans.

One of the key changes proposed in SECURE 2.0 is the expansion of automatic enrollment in retirement plans. Currently, many employees are not enrolled in a retirement plan simply because they do not take the initiative to sign up. Under SECURE 2.0, employers would be required to automatically enroll employees in a retirement plan unless the employee chooses to opt out. This change is intended to increase retirement plan participation rates and help more workers save for retirement.

Another important change proposed in SECURE 2.0 is the creation of a new type of retirement plan called a “pooled employer plan” (PEP). PEPs would allow small businesses to join together to offer a retirement plan to their employees, reducing the administrative burden and costs associated with maintaining a separate plan for each business. This change could make it easier for small businesses to provide retirement benefits to their employees and encourage more workers to save for retirement.

SECURE 2.0 also includes provisions aimed at increasing retirement plan access for part-time employees and making it easier for workers to convert their retirement savings into a stream of income during retirement. These changes could benefit employees by making it easier for them to save for retirement and ensuring that they have a reliable source of income in their later years.

Overall, SECURE 2.0 represents a significant step forward in improving retirement security for American workers. Employers should familiarize themselves with the proposed changes and consider how they may affect their retirement plans and their employees. By staying informed and making any necessary adjustments to their plans, employers can help their workers save for a secure and comfortable retirement.