We would like to share the attached information with you. Congress passed legislation in late December 2022 that included retirement plan reform known as SECURE 2.0. We have compiled a summary of specific provisions that we feel may affect your plan in the coming year and years ahead. Most provisions are related to Defined Contribution Plans, but a few apply to Defined Benefit Plans. The summary is in order of effective date, with the most current ones at the beginning. You will note that some provisions are optional while others are mandatory. We realize that this is a lot of information and can be complicated to understand. Your PPC Pension Administrator would be happy to review this with you and answer your questions.
All plans will need to adopt the mandatory provisions by the last day of your plan year beginning on or after 1/1/2025. If you wish to adopt any of the optional provisions, your PPC Pension Administrator can assist you. Please keep in mind that some provisions require additional IRS guidance. We will track any optional provisions you adopt and the effective date of the provision to include in the amendment of your plan document.
Please share this summary with your Human Resources staff, Trustees of the Plan, and any other decision makers who are involved with your retirement plan. Please reach out to your PPC contact if you have any questions. We value our relationship with you and are happy to assist you!
PENSION PLANNING CONSULTANTS, INC.
(505) 880-1283