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ARTICLE · 09 JANUARY 2023

SECURE 2.0 Act And Its Impact On Defined Contribution Plans

Reinhart, Boerner, Van Deuren SC
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In our prior alert, we introduced the SECURE 2.0 Act of 2022 (SECURE 2.0 or the Act), a portion of the Consolidated Appropriations Act of 2023. There we discussed key provisions applicable to all qualified retirement plans.

United StatesEmployment and HR
Joshua H. Hernandez
Joshua H. Hernandez
Martha Mohs
Martha Mohs
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In our prior alert, we introduced the SECURE 2.0 Act of 2022 (SECURE 2.0 or the Act), a portion of the Consolidated Appropriations Act of 2023. There we discussed key provisions applicable to all qualified retirement plans. This alert, part of our ongoing series covering the retirement plan changes in SECURE 2.0, summarizes provisions applicable only to defined contribution plans.

Provisions Impacting 401(k) and 403(b) Plans

Higher Catch-Up Limit to Apply for Ages 60-63. Individuals age 50 and over are permitted to make catch-up contributions under a retirement plan in excess of the otherwise applicable limits. The Act further increases these limits for participants who have attained age 60, but have not attained age 64, to the greater of $10,000 or 150 percent of the regular catch-up amount for 2024, indexed for inflation. These changes become effective January 1, 2025.

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