The SECURE 2.0 Act of 2022 (“SECURE 2.0”), signed into law by President Biden on December 29, 2022, is another round of retirement reforms that began with the original SECURE Act (i.e., the “Setting Every Community Up for Retirement Enhancement Act”) passed in 2019. SECURE 2.0 contains over 90 provisions that will have at least some impact on retirement plans maintained by almost all employers, including those in the energy industry. These changes are intended to encourage additional retirement savings and some are even intended to ease the administration of retirement plans. Some of the SECURE 2.0 provisions mandate changes to employers’ plans while others allow optional changes. Though some of its provisions are effective now, most do not take effect until future years.
For a brief discussion of ten of the most noteworthy changes under SECURE 2.0, see Secure Act 2.0 – The Top Ten Retirement Provisions.
For a summary of the provisions of SECURE 2.0 that we believe may be more relevant to our clients, see SECURE Act 2.0 – Overview of Certain Provisions.
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