The SECURE 2.0 Act of 2022 (SECURE 2.0) was signed into law on December 29, 2022. At nearly 400 pages in length, SECURE 2.0 is a complex retirement reform package that includes many changes that will impact plan administration and employees’ saving habits. These changes have varying effective dates, and some are mandatory for plans to adopt, while others are optional.

In late 2023 and early 2024, the Internal Revenue Service and U.S. Department of Labor released guidance on certain SECURE 2.0 provisions. This guidance is incorporated into the below information. More guidance is expected in 2024 and beyond to assist plan sponsors in implementing the new rules.