Industry News

On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023 (CAA, 2023), which contained the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0 is the culmination of a multi-year, bipartisan effort to follow up on the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE 1.0) that was enacted on December 20, 2019.

The key provisions of SECURE 2.0 are intended to expand retirement plan participation, increase retirement savings, encourage plan sponsorship and ease plan administration. SECURE 2.0 contains about 90 separate provisions each with its own effective date. Some of the provisions took effect on January 1, 2023, but most take effect over the next few years.

Recently, Groom Law Group released its publication, Comparison of the SECURE 2.0 Act of 2022 and Present Law. In this publication, Groom provides a section-by-section summary for the Act’s provisions under the current law and new law (as released on December 20, 2022), as well as the applicable effective dates.

The summary is available here.