SECURE 2.0 Act of 2022, as enacted | Summary of Key Provisions
On December 29, 2022, President Biden signed the Secure 2.0 Act of 2022 (the “Secure 2.0 Act”) into law. The Secure Act 2.0 builds off of the Secure Act, the last major retirement plan legislation enacted at the end of 2019, and brings important changes to retirement plans.
Most of the provisions in the final legislation are substantially similar to certain provisions in three prior bills that we summarized in our prior alert: (1) the Securing a Strong Retirement Act of 2022 (the “House Secure Act 2.0 Bill”), which the House passed on March 29, 2022, (2) the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (“RISE & SHINE Act”), which the Senate, Health, Education, Labor & Pensions Committee approved on June 14, 2022, and (3) Enhancing American Retirement Now (“EARN”), which the Senate Finance Committee released on June 22, 2022 (collectively, the “Prior Bills”).
The following summary updates our prior alert to reflect the provisions of the final Secure 2.0 Act legislation.