Industry News
NASRA/NCTR Release Alert on SECURE 2.0 Expected to Pass with Year-End Spending Bill
On December 21, 2022, the National Association of State Retirement Administrators (NASRA) and the National Council on Teacher Retirement (NCTR) released their alert regarding the “SECURE 2.0” Retirement Security Package Expected to Pass with Omnibus Spending Bill. On December 20, 2022, the Senate Appropriations Committee released the Omnibus Spending Bill, known as SECURE 2.0. The retirement security package merges many retirement-related bills that cleared the House and Senate Committees earlier in 2022. The legislation is expected to be passed by Congress and signed into law by President Biden soon.
The alert presents several notable provisions that may impact state and local government retirement plans, including among others: increases in the Required Minimum Distributions (RMDs) age; modifications in the Healthcare Enhancement for Local Public Safety (HELPS) Retirees Act; as well as other public safety provisions and public defined contribution (DC) plan changes.
In addition, the alert provides links to the full bill text and section-by-section summary.
The alert is available here.