The SECURE 2.0 Act was enacted on Dec. 29, 2022, and serves as a follow up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Both pieces of legislation are intended to address a perceived retirement readiness crisis by doing more to encourage retirement plan availability and participation. SECURE 2.0 is important because it encourages and makes it easier for employees to save for retirement and incentivizes employers to offer retirement plan benefits.
The bill contains many provisions which will take effect over several years. Insperity is committed to assisting our clients with relevant compliance needs as the various provisions of the law take effect. Additional information on SECURE 2.0 will be shared over the coming months. When appropriate action needs to be taken, our service teams will work with clients on implementation.