SECURE 2.0 Act of 2022 - What it Means for 403(b) Plans
February 17, 2023
By: Melanie N. Aska
The SECURE 2.0 Act of 2022 (“SECURE 2.0”), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023 (Public Law No. 117-328), builds upon many changes made earlier by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (“SECURE 1.0”). Here we outline selected provisions of SECURE 2.0 that affect 403(b) plans, which are retirement plans that may be sponsored only by public educational institutions and certain Internal Revenue Code Section 501(c)(3) tax-exempt organizations.
This news alert also summarizes other important SECURE 2.0 changes that affect not only 403(b) plans, but also other types of retirement plans.
We will cover other selected changes made by SECURE 2.0 in future alerts.
If you have any questions about the provisions discussed in this news alert, please contact Melanie N. Aska at email@example.com or 617.457.4131.