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ARTICLE · 02 FEBRUARY 2023

SECURE 2.0 Includes PBGC Premium Relief… For Some Plans

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As previously discussed, the SECURE 2.0 Act of 2022 ("SECURE 2.0") that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes...

United StatesEmployment and HR
Justin Alex
Justin Alex
Heather Monte
Heather Monte
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As previously discussed, the SECURE 2.0 Act of 2022 ("SECURE 2.0") that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes a slew of changes for retirement plan sponsors and employers.

One of the many changes is an end to the annual indexing of the PBGC's variable rate premium for single-employer pension plans, which is the portion of the single-employer plan premium that is based on a plan's unfunded vested benefits (as determined using the PBGC's premium funding rules). SECURE 2.0 freezes the variable rate premium at $52 per $1,000 of unfunded vested benefits. This provides some welcome relief for plan sponsors who saw the variable rate premium increase significantly over the last decade. The Moving Ahead for Progress in the 21st Century Act passed in 2012 increased the variable rate premium and added indexing to reflect inflation, raising the rate from $9 per $1,000 of unfunded vested benefits in 2013 to the

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