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.
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client relationship. The formation of an attorney-client relationship requires consideration of multiple factors, including possible conflicts of interest. An attorney-client relationship is formed only when both you and the Firm have agreed to proceed with a defined engagement.
DO NOT CONVEY TO US ANY INFORMATION YOU REGARD AS CONFIDENTIAL UNTIL A FORMAL CLIENT-ATTORNEY RELATIONSHIP HAS BEEN ESTABLISHED.
If you do convey information, you recognize that we may review and disclose the information, and you agree that even if you regard the information as highly confidential and even if it is transmitted in a good faith effort to retain us, such a review does not preclude us from representing another client directly adverse to you, even in a matter where that information could be used against you.