Consolidated Appropriations Act of 2023
Congress recently passed sweeping legislation to support retirement plan sponsors and participants. According to Congress, employer-sponsored retirement plans are like a well-oiled machine; these plans work well when they’re readily available and maintained properly. With SECURE Act 2.0, legislators have greased the wheels of the American retirement system to help it support an evolving workforce amid a volatile economy.
It's important to be aware of these upcoming changes so you can ensure that your company is prepared to update your retirement plan design accordingly. Furthermore, the provisions in SECURE Act 2.0 represent broader trends within the retirement plan industry, which you should also stay on top of.