A quick SECURE Act 2.0 summary is nearly impossible to give. Like the original 2019 SECURE Act, the goal of the update was to increase the number of companies offering retirement plans and to increase employees’ participation in those plans. While the original SECURE Act brought forth new changes, SECURE Act 2.0 far exceeds the original legislation, at least as it relates to corporate retirement plans. The SECURE Act 2.0 bill is long—around 350 pages—and its impact is enormous.
Here are a few key items that employers should know about as a result of SECURE Act 2.0.