Biden signed into law the Omnibus Appropriation Act, 2023, including the SECURE 2.0 Act of 2022. The Setting Every Community Up for Retirement Act of 2019 included a number of changes designed to encourage retirement savings and expand employee participation in retirement plans.
On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The new act is being called SECURE 2.0 based on the name of its thematic predecessor, the Setting.
The US Congress recently passed the SECURE 2.0 Act of 2022 (SECURE 2.0). Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (SECURE 1.0), SECURE.
Passed by Congress as part of Consolidated Appropriations Act, 2023, SECURE 2.0 Act of 2022 contains provisions that affect qualified retirement plans. Provisions described below are generally effective as of the first day of the plan year beginning after December 31, 2023.