10 Things Small Employers Should Know About The SECURE 2.0 Act

The SECURE 2.0 Act was enacted as part of the Consolidated Appropriations Act for 2023. It contains 90 sections affecting the design, administration, and tax treatment of employee retirement plans, among other things. It is intended to help address the "retirement crisis" in America by making it easier for employers to establish retirement plans and for employees to save for retirement. While the law is quite sweeping, below is a summary of 10 changes that employers of small businesses should note, remembering that much more guidance is needed to implement the SECURE 2.0. In fact, the American Benefits Council sent a letter to the Department of Treasury on February 7 with the headline, "Immediate Guidance Needs Under SECURE 2.0". Five of the 10 provisions below were identified as having "Immediate Guidance Needs".