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President Biden signed the Consolidated Appropriations Act, 2023, on December 29, 2022, which includes the package of retirement plan legislation known as “SECURE 2.0.” SECURE 2.0...
PBGC published these proposed rules in response to increased litigation over withdrawal liability assessments.
Submitted by the Office of Rep. Rick Larsen.
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.
SECURE 2.0 was signed into law on December 29, 2022 making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. The changes include correction of retirement plan overpayments and Expansion of EPCRS Self-Correction Program.