SECURE 2.0 – Information Overload – MVP Breaks it Down!
The SECURE 2.0 Act of 2022 (SECURE 2.0) became law on December 29, 2022. SECURE 2.0 builds upon the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) passed in 2019. SECURE 2.0 contains over 90 provisions that overhaul retirement accounts.
The intent of SECURE 2.0 is to modernize the retirement system, encourage increased retirement savings, and reduce the administrative burden on plan sponsors. Unfortunately, the intent has not yet matched the outcome. Industry professionals have been clamoring for IRS guidance on how to implement these new provisions in practice. In response, the IRS keeps wavering and pushing items back on the timeline. At this point, we all have a lot of information and very little IRS guidance on how to implement it.
During the upcoming months, MVP Plan Administrators will release a series of articles to help plan sponsors understand the law’s provisions. As IRS guidance unfolds, we are prepared to help you to take proactive steps toward the implementation of these new rules and assist you in determining how they apply to your retirement plan.
Fortunately, SECURE 2.0’s provisions roll out gradually and only a few of take effect before 2024. The timeline below includes some of the more noteworthy provisions and the years in which they take effect:
Eager to learn more right away? Click this link to access an excellent in-depth analysis of Secure 2.0 by Pinnacle Plan Design, LLC, a valued and trusted partner of MVP and the entire retirement plan industry.