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ARTICLE · 20 JANUARY 2023

SECURE 2.0 Has Arrived – Here's What You Need To Know

Venable LLP
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On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023.

United StatesEmployment and HR
Harry Atlas
Harry Atlas
Lisa Tavares
Lisa Tavares
John Wilhelm
John Wilhelm
Ryann M. Aaron
Ryann M. Aaron
Trevor N. Kline
Trevor N. Kline

On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023. This legislation includes the highly anticipated SECURE 2.0 Act, which expands and supplements the original SECURE Act of 2019 (see our previous alert here discussing the SECURE Act). This client alert highlights certain key provisions of SECURE 2.0 impacting employer retirement plans.

  1. Expansion of Automatic Enrollment. SECURE 2.0 requires 401(k) and 403(b) plans established after December 29, 2022 to automatically enroll participants in the plan upon attaining eligibility. Participants are initially enrolled at a deferral rate of at least 3% but not more than 10%. The amount is gradually increased by 1% per year until it reaches at least 10% (but not more than 15%). Employees must be allowed to opt out. Effective for plan years beginning after December 31, 2024, with respect to plans established after December 29, 2022.

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