On December 29, 2022—the enactment date, President Biden signed the Consolidated Appropriations Act, which included SECURE Act 2.0. However, there is a difference between the date of enactment and the effective date of a provision.
The SECURE Act 2.0 has 92 distinct provisions. Some are effective upon enactment; some for plan years or tax years beginning after the date of enactment (January 1, 2023 for calendar year plans and taxpayers); and some in later years. This article discusses many of the most important provisions that are already effective—those that became effective upon enactment or in 2023.
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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