SECURE 2.0 Highlights

(from CliftonLarsonAllen) On December 29, 2022, President Biden signed the Secure Act 2.0 Act into law, which impacts retirement plans, including 403(b) Plans, and requires certain amendments. The purpose of the Act is to build upon the 2019 Secure Act to further increase participant retirement savings and improve retirement rules. Upcoming changes will impact: 

• Multiple Employer Plans (MEPs) and Pooled Employer Plans (PEPs) 
• Collective Investment Trusts
• Student Loan Payments
• Autoenrollment/auto escalation
• Required Minimum Distribution
• Additional Catch-up Contributions
• and more.

More from CLA

See Net Asset's article from February 2022: SECURE 2.0: What Independent Schools Need to Know Now. NBOA will be providing additional coverage of SECURE 2.0 as more guidance is released.