SECURE 2.0:
Riding the Wave toward Compliance
Enterprise Iron’s expert team of business and IT resources have researched SECURE 2.0’s 90+ provisions to determine operational and system ramifications across the retirement plan industry. We can design and implement solutions that best serve your plans, plan sponsors, and participants. Our compliance team stays up-to-date on the latest industry direction, outstanding questions, and IRS issued guidance as released.
The legislation includes over 90 provisions impacting all kinds of retirement plans and even introduces new types of plans.
Recordkeepers and plan providers need modernized systems nimble enough to handle changes with immediate impacts; as well as thoughtful project management to tackle those effective in upcoming years.
We’re here to help!
Email our experts: compliance@enterpriseiron.com
Operations and IT organizations should prepare to support new business needs such as:
- Tax incentives for small business will create an increase in new plan business
- New Roth requirements will create an increase in plan amendments to add Roth sources
- Newly available plan types will create a need for new plan offerings
- Questions from Employers, plan sponsors, and participants will require educational materials and updated communications
Current operations must also absorb new rules. Existing functionality that must be updated includes:
- Required Minimum Distributions and Annual Contribution Limits
- Addition of Roth Contribution Sources for Catch-up and Employer Matching
- New Withdrawal Types exempt from penalties
- Auto Enrollment and Auto Increase requirements for all new plans
- Updated eligibility rules and enrollment rules (such as part-time employees)
Business Analysis
Enterprise Iron’s Business Analysts have detailed knowledge of SECURE provisions and can build business and functional requirements for recordkeeping implementation. Our Business Analysts are experienced in testing custom solutions and vendor software releases. We can also help your firm with creating interim production solutions until implementations are complete.
Development
Many of the SECURE 2.0 provisions will require modifications at the recordkeeping platform level. The platform vendor will release updates that contain core changes to support new legislative requirements. Some site-specific customizations may also be impacted. Our experienced developers implement new releases and create, modify, and maintain customizations. We work with Business Analysts to define and refine requirements while maintaining traceability matrixes and supporting the QA team.
Plan Documents
SECURE 2.0 creates the need for yet another amendment to your plan’s adoption agreement. In addition to SECURE 1.0 and CARES, the SECURE 2.0 amendment for most qualified plans and 403(b) plans must be formally signed by 12/31/2026. Additionally, many plans will still need to add Roth to comply with the Roth/Catch-up provision, however, the IRS has granted a grace period through 01/01/2026. Our Retirement Plan Compliance Services (RPCS) team has experience with FIS Relius, ASC, and ftwilliam.com document systems and can manage the plan sponsor signature and adoption process in advance of the 2026 deadline.
C² Compliance Calculator
We developed our C² Compliance Calculator to perform calculations impacted by SECURE 1.0/2.0 such as participant RMDs, beneficiary RMDs, and compliance limit evaluations by source. These calculations can be easily called by API to integrate into your existing platform, used for parallel data verification purposes, to model calculations for your participant-facing web/call center desktop applications, or even generate transaction instructions for distributions. We offer a fast and convenient alternative to complicated and costly changes to your existing system that may not be ready ahead of legislative deadlines. Our C² Compliance Calculator can drastically improve and accelerate the testing capabilities of your core system updates!
If your firm is interested in learning more about our comprehensive compliance solutions, email us: compliance@enterpriseiron.com