SECURE 2.0: A Perspective for Retirement Plan Practitioners
SECURE 2.0, enacted on December 29, 2022, is the much-awaited follow-up to the original SECURE Act, enacted in 2019. This sequel comes in at nearly 100 provisions, making SECURE 2.0 a far more extensive piece of legislation than the original.
Endeavor Retirement’s Bonnie Treichel, founder and chief solutions officer, hosted this webinar to dive into the details. Panelists who joined Bonnie included:
- John Faustino, AIFA®, PPC® Head of Fi360
- Blaine Aikin, AIFA®, CFA, CFP® Founder of Fiduciary Insights
With nearly 100 provisions, it’s helpful to break down SECURE 2.0 into these six categories:
- Expanding coverage and access for Americans
- Flexibility for savers in qualified plans
- Easing administration for plan sponsors
- Longevity provisions
- Provisions related to individual savers (financial planning, IRAs and beyond)
- Miscellaneous provisions specific to specific plan types, revenue-raising provisions, etc.
To assist plan sponsors in understanding SECURE 2.0, it is important to consider:
- Which provisions impact the plan based on plan type (e.g., 401(k), 403(b), etc.), and size of employer (e.g., small business definition under the legislation).
- The timing of when the provision applies (date of enactment, plan years beginning, taxable years beginning, etc.).
- Whether the provision is permissive (i.e., optional) or required.
For those wanting to learn more about SECURE 2.0, check out Endeavor Retirement’s SECURE 2.0: Complete Guide for Plan Sponsors. Endeavor is providing this tool as a brandable guide, to aid your conversations with plan sponsors. Download now, rebrand and start sharing with your clients and prospective clients.
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