- The SECURE 2.0 Act of 2022 (SECURE 2.0) makes significant changes to the rules for retirement plans.
SECURE 2.0 was signed into law on Dec. 29, 2022, as part of the Consolidated Appropriations Act, 2023. SECURE 2.0 continues retirement plan reforms made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE 1.0).
Although plans must be operated in accordance with the new rules under SECURE 2.0 as of the effective date applicable to each provision of the law, plan sponsors are not required to make any plan amendments until the last day of the first plan year that begins on or after Jan. 1, 2025, or Jan. 1, 2027, for government and collectively bargained plans. Prior deadlines for making plan amendments under SECURE 1.0, the Coronavirus Aid, Relief, and Economic Security Act, and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 have been changed to coincide with the plan amendment date under SECURE 2.0.
The SECURE 2.0 Act includes many changes to the retirement plan rules. Following is a brief summary of some of the changes.