New legislative changes in SECURE 2.0 Act will drastically impact retirement plans and recordkeeping systems

Enterprise Iron Financial Industry Solutions, Inc.

As a platform-agnostic firm, Enterprise Iron’s experts on the Retirement Plan Compliance Services (RPCS) Team are well-positioned to assist recordkeepers with a roadmap to develop and deploy these changes. Many tasks must be completed before 2024 as part of the SECURE 2.0 Act and we can set your firm on the right path ahead of this regulatory deadline and beyond. 

The SECURE 2.0 Act of 2022 is part of the “Consolidated Appropriations Act, 2023” that was passed by Congress on December 23, 2022, and signed into law by the President on Dec. 29, 2022. The SECURE 2.0 Act is designed to increase access to retirement plans and retirement savings, provide incentives for employers to sponsor a retirement plan, streamline administration, and reporting requirements along with preserving income.

Published January 23, 2023

Margie Brown QKA®
Principal Consultant

Nancy Tate QKA®
Principal Consultant

Our Retirement Plan Compliance Services (RPCS) Team is already planning to address the wide-ranging impacts of this legislation with example engagements including:

• A client-specific environmental assessment and prioritized roadmap for implementing changes necessary for compliance 

• Project management for recordkeeping technology requirements gathering, development, and implementation (SDLC)

• Recordkeeping operations Organizational Change Management (OCM) including impact assessment, revisions to SOPs, and workforce training

The “Consolidated Appropriations Act, 2023” is linked here and the DIVISION T – SECURE 2.0 Act of 2022 begins on page 817.

We will cover more on SECURE 2.0 and the amendment requirements for 2025 throughout the year in future issues of The Iron Chronicles, so stay tuned. Please don’t hesitate to contact the RPCS Team with any questions in the meantime: 

The materials contained herein is general and prepared for informational purposes only and shall not be construed as constituting legal or tax advice. Tax laws and regulations are complex, and some content is subject to interpretation of the law and subject to change as further regulatory guidance is published. Please consult your own independent attorney or tax professional regarding your specific situation.