Implementing the SECURE 2.0 Act, Enacted Last Year, Involves Numerous Administrative Hurdles.
August 15, 2023

Implementing the SECURE 2.0 Act, enacted last year, involves numerous administrative hurdles. In one provision, the law makes changes to catch-up contributions. That provision is set to begin in 2024. But as retirement plan sponsors prepare for the changes, they’re finding many problems. In a July 19 letter to the U.S. Treasury Dept. and the IRS, 50 plan sponsors from various organizations are seeking transition relief. Noting that the implementation may be more difficult than lawmakers anticipated, the letter asks for more time. Additional guidance is needed, they wrote, to coordinate and communicate changes to plan participants. To read the letter: https://bit.ly/452BCTE
Get More Articles Like This in Your Inbox
Sign up for our email newsletter and get the latest news sent straight to you.
Questions? Need assistance? We can help!