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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

The long-awaited sequel to the <a href="https://www.wnj.com/updates/most-significant-retirement-plan-legislation-in-over-a-decade-passed/" target="_blank" rel="noreferrer noopener">SECURE Act</a> enacted in 2019 is finally here. On December 29, 2022, President Joe Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “new Act”).

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The new Act contains 90 provisions relating to retirement plans. Yes, 90! Not all of them will be relevant to most plan sponsors and many are optional, but there are many changes and new options a plan sponsor needs to know about.

This is the first in a series of eAlerts we will be sending. In Part 1, we are focusing only on the employer plan changes that are effective this year. It does not address individual retirement account (IRA) changes. Separate eAlerts will follow addressing changes effective next year or later. Over the coming months, we will monitor future guidance from governmental agencies and offer additional educational opportunities. In the meantime, this table provides an overview of the significant changes affecting employer retirement plans that are effective now.

Click the image below for a PDF detailing the various changes.

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Amendments related to SECURE 2.0 are required by the end of the 2025 plan year (2027 for governmental and union plans), but plans must operate in accordance with the provisions of the new Act as of the applicable effective dates.

In future eAlerts over the next several weeks, we will tell you about some of the changes that do not become effective until next year or later, such as:

Long-term part-time employee determination period reduced from three years to two.

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Plans able to match student loan payments.

Emergency savings accounts in retirement plans.

Lost and found system for retirement savings.

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In the meantime, if you have any questions concerning SECURE 2.0, please contact Jennifer Watkins, Justin Stemple or another member of Warner’s Employee Benefits Practice Group.

Partner

Justin W. Stemple

Jennifer A. Watkins

Employee Benefits

SECURE 2.0 is Finally Here! Warner Analysis Part 1

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SECURE 2.0 is Finally Here! Warner Analysis Part 1

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