SECURE Act 2.0: Updates and Developments

The SECURE 2.0 Act of 2022 (SECURE Act 2.0) makes far-reaching changes to the US retirement plan system. Our initial SECURE Act 2.0 LawFlash provided a general overview of its significant provisions. This blog post—one in our series of coverage on SECURE Act 2.0—focuses on provisions unique to employee stock ownership plans (ESOPs).

The SECURE 2.0 Act of 2022 makes far-ranging changes to the US employer-retirement plan system. This LawFlash—one in a series—more closely examines the act’s provisions that expand and encourage retirement plan participation.

The SECURE 2.0 Act of 2022 makes far-ranging changes to the US employer-retirement plan system intended to expand access to retirement plans and encourage savings by US workers. This LawFlash—one in a series—examines provisions regarding expanded self-correction and new overpayment correction rules and relief.

Signed into law at the very end of 2022, the SECURE 2.0 Act of 2022 (SECURE Act 2.0) makes far-ranging changes to the US employer-retirement plan system. Continuing momentum and themes from earlier legislation (notably, the Setting Every Community Up for Retirement Act of 2019 (SECURE 1.0)), SECURE Act 2.0 makes changes that are intended to expand access to retirement plans and encourage savings by US workers.

After months of on-again off-again consideration of competing bills, US Congress capitalized on bipartisan support for retirement plan legislation to deliver the SECURE 2.0 Act of 2022 (SECURE Act 2.0) as part of the year-end omnibus spending bill, the Consolidated Appropriations Act of 2023 (the CAA).

Please join us for the next installment of our What We’re Seeing webinar series, featuring updates on hot topics and trends designed for individuals operating in the employee benefits space.

Please join us for the next installment of our What We’re Seeing webinar series, featuring updates on hot topics and trends designed for individuals operating in the employee benefits space.

Join us for a timely review of the provisions of the recently enacted SECURE Act permitting the formation of “pooled employer plans,” a new form of multiple employer plan that offers more flexibility than under prior law.

Join Morgan Lewis and Fiduciary Investment Advisors for a timely review of the SECURE Act—the most impactful retirement plan legislation in the United States since the Pension Protection Act of 2006—signed into law on December 20, 2019.

On August 18, the US Department of Labor issued an Interim Final Rule regarding the parameters and disclosures required to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).

Morgan Lewis partner Randall Tracht was interviewed by Plan Sponsor for an article about the SECURE Act’s requirement for part-time employees to be allowed to participate in retirement plans.