SECURE 2.0: 401(k) Plan Design Decisions, Corrections and Necessary Changes

Signed into effect in December 2022 as part of the Consolidated Appropriations Act of 2023 (CAA) and building on the SECURE Act of 2019, SECURE 2.0 is designed to improve retirement savings options in the United States. With the goal of encouraging people to save more for retirement, improving retirement rules and lowering the cost of providing a retirement plan for employers, SECURE 2.0 includes dozens of provisions for 401(k) plans, some of which are already in effect in 2023 and others which will take effect in future years.