…once ESAs become available.[11] The decision to allow plan participants greater flexibility to take money out of their retirement accounts early rests with plan sponsors. SECURE 2.0 offers numerous options, each of which must be judged according to the best interest fiduciary standard: Is this…
The SECURE Act of 2022 (“SECURE 2.0”) was passed by Congress and signed into law by President Biden on December 29th, 2022. The law contains 92 provisions, many of which are designed to expand retirement savings and coverage and simplify retirement plan rules. A number…
SECURE Act 2.0 of 2022 made many changes to 401(k)s and other types of retirement plans. Overall, these changes were designed to enhance the retirement plan experience for millions of participants. Features such as matching student loan payments, emergency savings accounts and Saver’s Match (formerly…
By now you’ve heard that SECURE Act 2.0 contains over 90 provisions affecting retirement plans and IRAs and we are still anxiously awaiting more implementation guidance from the Department of Labor and IRS. Which provisions weigh heaviest on the minds of plan sponsors? The top…