2023 Tax Legislation: The Secure Act 2.0

Overview

After a false start in 2022 when it failed to pass through Congress, the Secure Act 2.0 was passed in a flurry of year-end legislation. This two hour program will cover the important changes in savings and distributions of retirement plans that impact individuals.  Employers will also need to consider how Secure Act 2.0 will the administration of existing plans or the creation of new ones.  This course will provide a concise look at these hot topics.

Prerequisites

None

Objectives

• Understand the newest tax developments contained in in the Secure Act 2.0.

Highlights

• Implications for individuals
• Changes to the Saver’s Credit
• Changing the required minimum distribution rules for Roth 401(k)s
• Changes to required beginning dates for required minimum distributions of retirement plans
• Penalty-Free Withdrawals for Certain Emergency Expenses
• Special provisions for firefighters and military personnel spouses
• Increases in catch-up contributions
• Impact on 529 plans
• Opportunities for student loan payment matching
• Implications for Employers
• Starter § 401(k) plans for small employers
• Requiring automatic 401(k) enrollment
• Improving worker access to emergency savings
• Increasing part-time workers' access to retirement accounts
• Statute of Limitations on excise taxes imposed on overcontributions to retirement plans
• Multiple employer §403(b) plans
• Automatic portability provisions
• Other changes in the administration of company retirement plans