On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 into law as part of the year-end omnibus spending bill, the Consolidated Appropriations Act, 2023. The original SECURE Act was considered at the time of its enactment, in December 2019, the most significant retirement plan legislation in decades. Now, just three years later, comes SECURE 2.0 which makes even more dramatic and numerous changes to the rules governing tax-qualified retirement plans. Together, these measures are intended to enhance retirement savings opportunities for individuals. For our clients and friends, SECURE 2.0 may present attractive opportunities to meaningfully reduce their income tax bills.
Some noteworthy provisions of SECURE 2.0, along with when they become effective, include the following:
