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ARTICLE · 06 APRIL 2023

SECURE 2.0 Requires Major Changes To Retirement Plans And EPCRS

Ford Harrison LLP
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On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 ("SECURE 2.0" or "the Act"). This legislation...

United StatesEmployment and HR
Tiffany Downs
Tiffany Downs
Elverine (Rena) F. Felton
Elverine (Rena) F. Felton
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Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 ("SECURE 2.0" or "the Act"). This legislation greatly impacts retirement savings programs with required and discretionary changes. SECURE 2.0 also expands self-correction under the Employee Plans Compliance Resolution System (EPCRS). Many provisions require a plan amendment by the last day of the calendar year beginning on or after January 1, 2025 (January 1, 2027, for governmental plans and certain collectively bargained plans).

Highlights of Mandatory Provisions for Retirement Plans

  • New 401(k) and 403(b) plans established on or after December 29, 2022, will be required to qualify as automatic enrollment plans with automatic contributions of at least 3 percent and not more than 10 percent during a participant's first year of participation.
    • Automatic annual increases of 1 percent to 10 percent (not

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