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ARTICLE · 20 FEBRUARY 2023

Special Rules For Special Plans-How SECURE 2.0 Impacts 403(b) Plans, MEPs And ESOPs

Cohen & Buckmann
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The reach of SECURE 2.0 is extensive. Its general provisions affect all types of retirement plans, but SECURE 2.0 also has some provisions targeted at plans subject to their own set of statutory and regulatory requirements.

United StatesEmployment and HR
Carol Buckmann
Carol Buckmann

The reach of SECURE 2.0 is extensive. Its general provisions affect all types of retirement plans, but SECURE 2.0 also has some provisions targeted at plans subject to their own set of statutory and regulatory requirements. Sponsors of 403(b) plans, ESOPs and employers participating in or considering joining multiple employer plans should keep these changes on their radar.

403(b) Plans

403(b) plans, also known as tax sheltered annuities, are sponsored by not-for-profits and other entities such as churches, public schools and hospitals. They have long been subject to special rules, such as a universal eligibility rule for coverage, special catch-up contribution limits, and special rules for Section 415 calculations, but the trend in recent years is to subject them to many of the same general rules as 401(k) plans. SECURE 2.0 continues this trend.

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