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. There are many tasks that must be completed prior to 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 Dec. 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.
Margie Brown QKA®
Nancy Tate QKA®
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 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: firstname.lastname@example.org