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ARTICLE · 02 JANUARY 2023

Top 5 Changes In The SECURE 2.0 Act For Plan Sponsors And Participants

Littler Mendelson
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As part of the omnibus spending bill passed in a frenzy before the holiday break, Congress included the Securing a Strong Retirement Act of 2022 ("SECURE 2.0 Act").

United StatesEmployment and HR
Richard Luna
Richard Luna
James Fielding
James Fielding
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The Securing a Strong Retirement Act of 2022 included in the omnibus spending bill includes five significant changes for employers and plan sponsors:

  1. Requires automatic plan enrollment for eligible employees as plan participants.
  2. Changes the eligibility requirements under 401(k) plans so that it is easier for part-time employees to participate.
  3. Includes a new employer match for student loan payments and addresses how to factor student loan payment matching contributions into a plan's discrimination testing.
  4. Creates new starter 401(k) plans for employers without retirement plans.
  5. Increases "catch-up" contributions and modifies required minimum distributions.

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