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On December 29, 2022 President Biden signed the Consolidated Appropriations Act, which included SECURE 2.0 Act (the Act). The SECURE 2.0 Act has over 90 distinct provisions. Some are already effective (see The Secure 2.0 Act: Provisions That Are Effective Now); some are effective for plan or tax years beginning after December 31, 2023 (in 2024 for calendar year plans or taxpayers); and some in later years. This article discusses many of the most important provisions that will become effective for plan or tax years after December 31, 2023.
This article starts with the provisions that are likely to be the most impactful, and then lists other provisions of interest.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.
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