Legislative News & Updates

SECURE 2.0

The SECURE Act has made a significant impact on the retirement industry since its introduction, with the legislation opening up access to retirement savings plans, making it easier for small business owners to start and operate a plan, and increasing the benefits of doing so.

Review potential tax credits

Resources

SECURE 2.0 contains a variety of provisions and mandates that business owners and retirement savers alike should be aware of. Check out the resources below to learn more about the rules, timelines, and new credits available outlined by SECURE Act legislation.

SECURE 2.0 Key Provisions: What Plan Sponsors Need to Know Learn more about the key SECURE 2.0 provisions that may impact your company’s retirement plan.
Guide to SECURE 2.0
Defined Contribution Plan Key Priorities

Use this resource to prioritize key SECURE 2.0 provisions relating to defined contribution plans.

IRA/SEP/SIMPLE Key Priorities

Review applicable provisions and priorities for SEP and SIMPLE IRA offerings.

Defined Benefit/Cash Balance Plan Key Priorities

Learn more about key provisions applicable for defined benefit and cash balance retirement plans.

Tax Credits Available for Small Employers Learn about the tax credits available for small employers that sponsor a retirement plan.
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New Plans Required to Contain Automatic Enrollment Feature

Review the automatic enrollment provision to ensure your company’s retirement plan remains in compliance.

Improved Coverage for Long-Term, Part-Time Employees

Use this resource to review the expanded coverage for long-term, part-time employees under the SECURE Act.

Retroactive First-Year Elective Deferrals for Sole Proprietors

Learn more about retroactive deferrals for sole proprietors and owners of single-member LLCs for their first plan year.

Military Spouse Retirement Plan Eligibility Credit for Small Employers

Review eligibility requirements for tax credits available to certain employers that include military spouses in their defined contribution plan.

Pension-Linked Emergency Savings Account Eligibility & Contributions

Use this resource to learn how the PLESA can help more retirement plan participants financially prepare for day-to-day emergencies.

New Ways to Take Penalty-Free Distributions Review the various ways the SECURE Act enhances individuals’ accessibility to their retirement savings.
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Increased RMD Age

Use this resource to review newly increased RMD ages, effective for distributions in 2023 and on.

New Penalty-Free Distribution Option Added for Certain Emergency Expenses

Learn more about new penalty-free distribution options for retirement savers.

Featured News Retirement Spotlight: IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act
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All of us at Ascensus are delighted by the passage of SECURE 2.0 and the bipartisan support that led to this important legislation. Thanks to the collaboration of our elected officials, savers across the U.S. will have additional opportunities to create more certain financial futures and greater peace of mind.

We look forward to working with clients, partners, advisors, and savers to implement the provisions of SECURE 2.0 across the retirement, 529, and ABLE plans we serve.

David Musto
President and CEO, Ascensus