SECURE 2.0 ACT

On December 29, 2022, the SECURE 2.0 Act was signed into law. Building on previous legislation, SECURE 2.0 strives to expand retirement plan coverage and enhance savings opportunities for middle- and lower-income workers. The act includes over 90 retirement plan provisions, impacting 401(k), 403(b) and defined benefit pension plans.

These regulatory changes will create many new compliance requirements that plan sponsors will need to be aware of, as well as deadlines for implementation that extend over the next several plan years. McDermott’s premier Employee Benefits & Executive Compensation team is ready to assist retirement plan sponsors through the practical compliance changes required by SECURE 2.0.

This resource center highlights the latest announcements and information related to the act, including articles, webinars and thought leadership.

Article Series: New Year, New Rules

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces.

• New Rules Make Tracking Long-Term, Part-Time Employee Service a Full-Time Job, January 23, 2024
• This Is Not a Test! IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing, January 23, 2024
• When It Comes to Vesting, IRS Says Once a Long-Term, Part-Time Employee, Always a Long-Term, Part-Time Employee, January 23, 2024
• IRS Confirms Same Hours-Counting Rules Still Add Up for Long-Term, Part-Time Employees, January 23, 2024
• Under Long-Term, Part-Time Employee Rules, Some Things Change, and Some Things Stay the Same, January 23, 2024
• A Long-Term, Part-Time Employee or a Former Long-Term, Part-Time Employee, That Is the Question, January 23, 2024
• A Long-Term, Part-Time Employee or Not a Long-Term Part-Time Employee, That Is the Question, January 23, 2024
• IRS Says Keep Those Class Exclusions Classy Under Long-Term, Part-Time Employee Rules, December 28, 2023
• Last-Minute IRS Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes, December 19, 2023

Article Series: Just Catching Up?

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond.

• There’s a Party Going on Right Here! Roth Catch-Up Change Delayed Two Extra Years!, August 25, 2023
• Just Catching Up? For SECURE 2.0’s Catch-Up Contributions, Age Is More Than Just a Number, July 12, 2023
• Just Catching Up? Oops! Congress Clarifies Catch-Up Contributions Are Here to Stay, June 28, 2023
• Just Catching Up? Payroll Challenges Plague Roth Catch-Up Contribution Implementation, June 26, 2023
• Just Catching Up? Wages, by Any Other Name, Not So Sweet for Employers Under SECURE 2.0, June 22, 2023
• Just Catching Up? All for One, or None for All, Catch-Up Contributions Under SECURE 2.0, June 21, 2023
• Just Catching Up? SECURE 2.0 Roth Catch-Up Contribution Requirement Leaves More Questions than Answers, June 20, 2023

SECURE 2.0 Act

• Back-to-School Special: IRS Offers Insight into Matching Qualified Student Loan Payments, October 10, 2024
• A Q&A and More Delay: IRS Begins to Issue Clarifying Guidance on SECURE 2.0 Provisions, March 14, 2024
• Employer Student Loan Debt Benefits Following SECURE 2.0, October 4, 2023
• SECURE 2.0 Technical Corrections Are on the Way, Eventually, June 28, 2023
• Treasury, IRS Issue Interim Guidance on SECURE 2.0 Act’s Changes to EPCRS, June 8, 2023
• Proposed Legislation Would Allow 403(b) Plans to Invest in Lower Cost Collective Investment Trusts, June 7, 2023
• SECURE ACT 2.0: Don’t Lose Your Marbles Over Roth, May 3, 2023
• SECURE 2.0 Takes Second Bite at Retirement Security, January 10, 2023

SECURE 1.0 Act

• Save It for a Rainy Day Part 2: IRS Announces Additional Plan Amendment Extensions, October 12, 2022
• Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(B) Plans and Individual Retirement Accounts, September 15, 2022
• Up, Up and Away: 2020 Increased Penalties For Employee Benefit Plans, January 30, 2020
• Finally Secure: Opportunities in the 2019 SECURE Act for Plan Sponsors, January 8, 2020
• Bipartisan Bill Paves the Way for Significant Retirement Plan Reforms, June 4, 2019

• SECURE 2.0 Act
• SECURE 1.0 Act