The end of the year will be here before you know it and for retirement plan sponsors, there are some things to do in regards to SECURE and SECURE 2.0.

There have been amendments and operational changes but the good news is, there aren’t any amendments required to comply with SECURE 2.0. And, in addition, there isn’t any required changes on the IRS Required Amendments List or the Operational Compliance List.

While those are good things, some of SECURE 2.0’s past corrections might require operational requirements so some plans may make amendments.

So what do retirement plan sponsors need to do now? The SECURE Act of 2022 had both mandatory and optional provisions with the goal of increasing retirement plan adoption and access – as well as increase savings and make them more friendly to participants.

It also allowed employers to tweak their retirement plans to meet their unique needs.

SECURE 2.0 has allowed for generous time periods to make amendments – meaning you have until the last day of the play years after Jan. 1, 2025 to formally change your plan (collective bargaining or government plans have an extra two years).

So, what needs to be done? Plan sponsors are still working to interpret and navigate this new law. Right now, there are some questions to be asked, including making sure your plan is ready for the upcoming year and meets all mandatory requirements; checking if any of the new optional provisions work for your plan; making sure optional provisions to tailor plans a good fit for participants and finally, is there any administrative simplification available now that works for your plan.

Do you still have questions about retirement planning options?

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If you have other questions about retirement plan loans, email us or call 937.308.0758.