“SECURE 2.0” Act Becomes Law

On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the “SECURE 2.0” legislation, referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.   Key SECURE 2.0 provisions include: Expanding automatic enrollment in 401(k) and 403(b)…

House Passes “SECURE 2.0” Bill

On March 29, 2022, the U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 with a bipartisan vote of 414-5. The act is often referred to as “SECURE 2.0” because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.   Key SECURE 2.0 proposals include:…

IRS Releases 2021 Retirement Contribution Limits

Many Employee Contribution Limits Remain Unchanged The IRS has announced the cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs. The following amounts remain unchanged for 2021: The employee contribution limit for 401(k) plans will remain $19,500. The catch-up contribution limit for employees aged 50 and over also remains unchanged at $6,500.…

CARES Act: Retirement Plan Relief Provisions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax…