SECURE 2.0 Act

On December 29, 2022, President Biden signed into law the SECURE Act 2.0 of 2022. SECURE 2.0 builds on the reforms included in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, the most comprehensive changes to the U.S. private retirement system in over a decade.

Resources

SECURE 2.0 Opportunities for Plan Sponsors

While some SECURE 2.0 Act provisions are required for all retirement plan sponsors, many are optional.

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Episode 49: SECURE 2.0: A Recordkeeper’s Perspective

In episode 49 of Revamping Retirement, Jennifer and Scott are joined by Janet Luxton, senior ERISA consultant at Vanguard to discuss how recordkeepers are responding and acting on SECURE 2.0 Act provisions.

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Anticipating SECURE 2.0 Changes (Webinar Recording)

Retirement plan sponsors and their recordkeepers are busy digesting the 90+ provisions included in the SECURE 2.0 Act, which passed at the end of 2022.

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IRS Announces Roth Rule Delay

On August 25, 2023, the IRS announced a two-year delay in implementation of SECURE 2.0’s mandatory Roth catch-up rule.

Explore Major SECURE 2.0 Provisions by Effective Date

With more than 90 provisions, the impact on the retirement industry is extensive. Much of the legislation is focused on increasing retirement savings and coverage. Explore the effective dates for some of the most significant provisions in the timeline below.

Download a timeline of provisions by effective date for 401(k) plans.

Download a timeline of provisions by effective date for 403(b)/457(b) plans.

Retroactively Effective
Effective 2023
Effective 2024
Effective 2025

Use of retirement funds for federally declared disasters (§331)

  • Applies to disasters occurring on or after January 26, 2021: $22,000 may be withdrawn without penalty from retirement plans for affected individuals. Distributions may be repaid. Increases the maximum loan amount for qualified individuals to $100,000 and extends the repayment period.
  • Plan types: 401(k), 403(b), 457(b) government

Increase in RMD age (§107)**

  • Increases required minimum distribution (RMD) age to 73 effective January 1, 2023.
  • Plan types: 401(k), 403(b), 457(b)

Self-certification of hardship/unforeseeable emergency distributions (§312)

  • Allows employers to accept written certification from employees that their need constitutes a deemed hardship.
  • Plan types: 401(k), 403(b), 457(b)

Small financial incentives for contributing to a plan (§113)

  • Allows employers to provide small financial incentives (e.g., low-dollar gift cards) to boost plan participation. Payment for the incentives is not allowed to come from plan assets.
  • Plan types: 401(k), 403(b)

Expand Employee Plans Compliance Resolution System (§305)

  • Expands the Employee Plans Compliance Resolution System (EPCRS) to allow for more plan errors to be corrected via self-correction.
  • Plan types: 401(k), 403(b)

Penalty exception for terminal illnesses (§326)

  • Eliminates the 10% early withdrawal penalty for individuals with a physician-certified terminal illness.
  • Plan type: 401(k), 403(b)

Eliminate unnecessary plan notice requirements for unenrolled participants (§320)

  • Reduces the plan sponsor burden of providing notice requirements to unenrolled participants to one annual eligibility notice.
  • Plan type: All plans subject to ERISA

Multiple Employer 403(b) Plans (§106)

  • Permits 403(b) plans to participate in multiemployer plans (MEPs) and pooled employer plans (PEPs).
  • Plan type: 403(b)

Optional treatment of employer contributions as Roth (§604)

  • Allows defined contribution plans to provide participants with the option to receive employer matching or non-elective contributions as Roth.
  • Plan type: 401(k), 403(b), 457(b) government

Enhancement of 403(b) Plans (§128)

  • Permits 403(b) plans to participate in collective investment trusts (CITs). Unfortunately, 403(b) assets are still not exempt from securities law registration requirements, which, as a practical matter, still prohibits most 403(b) plans from investing in CITs.
  • Plan type: 403(b)

Eliminate first day of the month requirement (§306)

  • Eliminates the requirement that participants request deferral changes prior to the beginning of the month in which the deferral would be made.
  • Plan type: 457(b) government

Small balance cash out

  • Increase small balance cash out
    • Increased small balance cash out amount (optional)

** denotes a mandatory provision

Withdrawals for certain emergency expenses (§115)

  • Individuals may withdraw $1,000 per year with self-certification. No additional distributions for three calendar years unless repayment occurs or elective deferrals since the distribution equal/exceed the amount of the distribution.
  • Plan type: 401(k), 403(b)

Student loan payments as elective deferrals for purposes of matching contributions (§110)

  • Employees repaying student loans can receive their retirement match contributions from employers. Employee must make qualified student loan payments and can self-certify.
  • Plan type: 401(k), 403(b), 457(b) government

Changes to catch-up source (§603)**

  • Requires catch-up contributions to be made as Roth-only, with an exception for those who make $145,000 or less (dollar amount is indexed).
  • Plan type: 401(k), 403(b), 457(b) government

Dollar limit for mandatory distributions (§304)

  • Employers may transfer former employees’ retirement accounts with balances up to $7,000 to IRAs, with notice requirements. Amounts less than $1,000 can be distributed via check.
  • Plan type: 401(k), 403(b), 457(b)

Exemption for certain automatic portability transactions (§120)**

  • Permits service providers to provide automatic portability services, which allows for the automatic rollover of an employee’s former plan to a new one.
  • Plan type: 401(k), 403(b)* *effective 12.29.2023

Penalty-free withdrawal for domestic abuse (§314)

  • Allows retirement plans to permit participants who self-certify they are experiencing domestic abuse to withdraw money penalty-free.
  • Plan type: 401(k), 403(b), 457(b) government

Surviving spouse election to be treated as employee (§327)**

  • Allows the surviving spouse to be treated as the deceased employee for purposes of RMD rules.
  • Plan type: 401(k), 403(b), 457(b)

Roth plan distribution rules (§325)**

  • Eliminates the pre-death RMD requirement for Roth accounts in employer plans.
  • Plan type: 401(k), 403(b), 457(b) government

Pension-linked emergency savings (§127)

  • Employers may automatically enroll participants into an emergency savings account at up to 3% of salary for a total contribution amount of $2,500. Participating employees may take tax- and penalty-free distributions at least once per calendar month.
  • Plan type: 401(k), 403(b)
  • Note: it is unclear whether this provision would apply to non-ERISA plans, such as a governmental 457(b).

Hardship withdrawal rules for 403(b) plans (§602)

  • Makes 403(b) hardship distribution rules the same as those for 401(k) plans.
  • Plan type: 403(b)

** denotes a mandatory provision

Higher catch-up limit for ages 60 to 63 (§109)

  • Increases the limits to the greater of $10,000 or 50% more than the regular indexed catch-up amount for ages 60, 61, 62, and 63.
  • Plan type: 401(k), 403(b), 457(b) government

Retirement savings lost and found (§303)**

  • Creates a national database to search for lost participant funds that will be run by the DOL.
  • Plan type:All plans subject to ERISA

Coverage for long-term part-time workers (LTPT) (§125)**

  • Provides that employees who work two consecutive years at 500 hours a year or more must be allowed to participate in the plan. Pre-2021 service may be disregarded for vesting purposes. Amends SECURE Act of 2019 LTPT provision.
  • Plan type: ERISA 401(k), ERISA 403(b)

** denotes a mandatory provision

Effective 2026
Effective 2027
Effective 2033

Requirement to provide paper statement in some cases (§338)**

  • Requires plan sponsors of defined contribution plans to provide a paper benefit statement at least annually (unless the participant elects otherwise). Other statements may be provided electronically.
  • Plan type: All plans subject to ERISA

** denotes a mandatory provision

Savers’ Match (§103)**

  • Taxpayers with qualified retirement contributions who meet certain gross income requirements are eligible to receive a government matching contribution of up to $2,000 to an eligible IRA or retirement plan. Matching amounts do not count toward annual plan contribution limits.
  • Plan type: 401(k), 403(b), 457(b) government

First responder retirement payments (§309)

  • Excludes service-connected, disability pension payments for first responders from gross income after reaching retirement age, up to an annualized excludable disability amount.
  • Plan type: 401(k), 403(b), 457(b) government

** denotes a mandatory provision

Increase in RMD age (§107)**

  • Increases RMD age to 75
  • Plan type: 401(k), 403(b), 457(b)

** denotes a mandatory provision

Explore Major SECURE 2.0 Provisions by Topic

With more than 90 provisions, the impact on the retirement industry is extensive. Much of the legislation is focused on increasing retirement savings and coverage. Expand the provisions below to learn more.

Catch-Up Contributions

Roth catch-up contributions (Mandatory)

Requires catch-up contributions to be made as Roth only. An exception is provided for those who make $145,000 or less (dollar amount is indexed).

  • Analysis: Requires all catch-up contributions that do not meet the exception to be taxable. It requires employers that currently offer catch-up contributions—but not a Roth—to add it as a contribution type in the plan document and via payroll.
  • Effective Date: Plan years beginning after 12.31.23
  • Plan Type: All plans offering catch-ups

Higher catch-up limit for ages 60 to 63 (Optional)

Increases the limits to the greater of $10,000 or 50% more than the regular indexed catch-up amount for ages 60, 61, 62, and 63.

  • Analysis: Allows those nearing retirement to save more but could be complicated to administer.
  • Effective Date: Taxable years after 12.31.24
  • Plan Type: All plans offering catch-ups
Roth Employer Matching

Roth employer contributions (optional)

Permits employers to offer participants the option to have employer contributions treated as Roth or pre-tax.

  • Analysis: Viewed as a tax-planning strategy for retirement plan participants and a revenue-raiser for the federal government. Requires administrative and payroll changes. Can be applied to matching or non-elective contributions.
  • Effective Date: Plan years beginning after 12.31.2022
  • Plan Type: All plans offering Roth
Student Loan Repayment Matching

Student loan repayment (optional)

Allows employers to treat student loan repayments as elective deferrals for the purposes of matching contributions (which can be made at a different interval than current match but must be made at least annually). Allows participants to self-certify and receive a matching contribution to their retirement plan for qualifying student loan repayments.

  • Analysis: Allows participants to more easily pay down student loan debt and save for retirement at the same time. The ability to self-certify simplifies the tracking process for plan administrators. Employers can create a deadline to claim the match (not earlier than three months after the close of each plan year).
  • Effective Date: Plan years beginning after 12.31.23
  • Plan Type: All plans

Additional Resources 

Increased Small-Balance Cash-Out

Increased small-balance cash-out amount (optional)

Increases the cap to $7,000 for employers to transfer former employee accounts to an IRA. The current law allows for balances between $1,000 and $5,000. Any balances under $1,000 can be sent a check.

  • Analysis: Allows employers to move separated employee balances off the books and lowers the risk and cost by reducing the number of notices, communications, and requirements to former employees.
  • Effective Date: Distributions made after 12.31.23
  • Plan Type: All plans offering small balance force-outs
  • Small Balance Cash Out
Hardships

Hardship self-certification (optional)

Allows employers to accept written certification from the employee describing that the hardship is immediate, a heavy financial need, that the requested amount is no more than necessary, and that there are no alternative means.

  • Analysis: Provides a more streamlined hardship process but could increase overall plan distributions and leakage.
  • Effective Date: Plan years beginning after 12.31.22
  • Plan Type: All plans

Hardships (403(b)/457(b) plan-specific)

Makes 403(b) hardship distribution rules the same as those for 401(k) plans.

  • Analysis: A part of Congress’ ongoing efforts to eliminate the difference between 403(b) and 401(k) plans, this improves ease of administration, especially for plan sponsors that maintain both plan types.
  • Effective Date: Plan years beginning after 12.31.22
  • Plan Type: 403(b)
Emergency Savings Provisions

Emergency savings distribution (optional)

Permits employers to offer an emergency savings distribution option of $1,000 per year that can be repaid to the plan over a three-year period. Participants can self-certify.

  • Analysis: Enhances the ability to access money needed for emergencies but could increase plan leakage over the long term.
  • Effective Date: Distributions made after 12.31.23
  • Plan Type: All plans

Pension-linked emergency savings account (optional)

Allows employers to offer an emergency savings account linked to a defined contribution plan for non-highly compensated employees. Employers may automatically enroll participants at up to 3% of salary for a total contribution amount of $2,500. Contributions are made as Roth, and participating employees may take tax- and penalty-free distributions at least once per calendar month.

  • Analysis: Helps participants create emergency savings. Implementation will rely on the service provider’s ability to offer this provision and the plan sponsor’s comfort with offering participants easier access to savings.
  • Effective Date: Plan years beginning after 12.31.23
  • Plan Type: All plans

Additional Resources 

Coverage for Long-Term Part-Time Employees

Expanded definition of long-term part-time employee (mandatory)

Reduces the long-term part-time required years of service from three years to two. The SECURE Act of 2019 required employers with a 401(k) plan to permit employees with at least 500 hours of service in three consecutive years to participate in the plan. This bill also extends this rule to ERISA 403(b) plans.

  • Analysis: Enables more employees to save in their employer plan without mandating matching contributions from employers. This provision has no effect on 403(b) plan sponsors that allow all employees to make elective deferrals.
  • Effective Date: Plan years beginning after 12.31.24 (but vesting as if part of SECURE Act of 2019: 1.1.21)
  • Plan Type: ERISA plans

Long-term part-time employees (403(b)/457(b) plan-specific)

Extends the 401(k) rule allowing long-term part-time employees to make elective deferrals to 403(b) plans.

  • Analysis: 403(b) plans include a universal availability provision that generally allows all employees to make elective deferrals. For many 403(b) plan sponsors, this provision has no effect.
  • Effective Date: Plan years beginning after 12.31.24
  • Plan Type: ERISA 403(b)
Increase in Required Minimum Distribution (RMD) Age

Change in RMD age (mandatory)

Increases the RMD age to 73 for those who attain age 72 between 01.01.23 and 12.31.32, and to age 75 for those who attain age 74 after 12.31.32. (Note: 74 is assumed to be a drafting error and that it should be 73.)

  • Analysis: Allows individuals to defer taxes on accumulated assets longer.
  • Effective Date: Increase to age 73 effective 01.01.23. Increase to age 75 effective 01.01.33
  • Plan Type: All plans

Missed RMD excise tax (mandatory)

Reduces the excise tax for a missed RMD from 50% to 25% and further reduces the excise tax to 10% if an individual corrects the shortfall during a two-year correction window.

  • Analysis: Reduces excise tax and helps retirees keep more money longer.
  • Effective Date: Taxable years after 12.31.22
  • Plan Type: All plans

Roth RMDs (mandatory)

Extends the pre-death RMD exemption to Roth amounts in retirement plans. Under current law, Roth IRAs (but not Roth amounts in retirement plans) are exempt from pre-death RMD rules.

  • Analysis: Brings retirement plan RMD provisions in line with IRAs.
  • Effective Date: RMDs due in 2024
  • Plan Type: All plans offering Roth
Additional Withdrawal Options

Distributions for individuals with terminal illness (optional)

Creates an exception to the 10% early withdrawal penalty for distributions to individuals whose physician certifies that they have an illness or condition that is reasonably expected to result in death in 84 months or less.

  • Analysis: A reasonable distribution provision that helps those suffering from terminal illness.
  • Effective Date: Immediately
  • Plan Type: All plans

Domestic abuse distributions (optional)

Permits domestic abuse distributions of up to the lesser of $10,000 or 50% of a participant’s vested account balance to be exempt from the 10% premature distribution penalty. Distributions can also be repaid to the plan within three years.

  • Analysis: A reasonable distribution provision that helps those suffering from domestic abuse.
  • Effective Date: Distributions made after 12.31.23
  • Plan Type: All plans

Qualified birth or adoption distributions (QBADs) (optional)

Requires QBAD distributions to be repaid to a retirement plan within three years in order to qualify as rollover contributions.

  • Analysis: Aligns these distributions with other distribution types that can be repaid, such as disaster relief.
  • Effective Date: Distributions made after 12.29.22. For prior distributions, the repayment period ends 12.31.25
  • Plan Type: All plans offering QBADs

Permanent rules for natural disasters (optional)

Eliminates the case-by-case easing of plan distributions and loan rules with respect to federally declared disasters in favor of automatically effective rules. Retroactive to January 26, 2021, up to $22,000 can be distributed to a participant per federally declared disaster, with no 10% premature distribution penalty and tax liability spread out over three years. The maximum loan amount is increased from $50,000 to $100,000 with the repayment period extended by one year. Home purchase amounts can be recontributed to a retirement plan if those funds are used to purchase a home in a disaster area and not because of the disaster.

  • Analysis: Participant requests for funds due to federally declared disasters are time-sensitive. This permanent provision helps participants receive their money faster and with fewer administrative issues. This is reasonable and consistent with past IRS practices.
  • Effective Date: Retroactive to disasters occurring on or after 1.26.2021
  • Plan Type: All plans
  • Federal Disaster Distributions and Loans 
Other Mandatory Provisions

Retirement Savings Lost & Found

Creates a national database to collect information on missing, lost, or non-responsive participants and beneficiaries that helps savers locate their benefits.

  • Analysis: Helps participants receive their retirement benefits and assists plan administrators and other third parties with missing participant responsibilities.
  • Effective Date: Within two years of enactment (by 12.29.24)
  • Plan Type: ERISA plans

Eliminate unnecessary plan requirements related to unenrolled participants

Helps reduce the plan sponsor burden of notice requirements for unenrolled participants. An unenrolled participant is defined as an employee who is eligible to participate in the plan and has been furnished the summary plan description and other required plan notices. For eligible participants, the plan is still required to distribute an annual reminder notice of eligibility and applicable plan deadlines, and any other requested documents.

  • Analysis: Reduces excess notice fulfillment to employees who do not choose to participate in the plan, but still ensures they receive an annual notice about the plan should they decide to participate.
  • Effective Date: Plan years beginning after 12.31.22
  • Plan Type: ERISA plans

Requirement to provide paper statements in some cases

Requires plan sponsors to provide a paper benefit statement at least annually (unless the participant elects.

  • Analysis: This is a slight move backwards, but participants can opt out.
  • Effective Date: Plan years beginning after 12.31.25
  • Plan Type: ERISA plans

Modification of Saver’s Credit to a Saver’s Match program

Makes taxpayers with qualified retirement contributions who meet certain gross income requirements eligible to receive a government match contribution of up to $2,000 to an eligible IRA or retirement plan. Matching amounts do not count toward annual plan contribution limits and are treated as pre-tax.

  • Analysis: The move to a refundable match helps increase retirement savings for lower-income earners. Depositing the match into a qualified account encourages retirement saving.
  • Effective Date: Taxable years after 12.31.2026
  • Plan Type: All plans

Required amendments due to SECURE Act 2.0, SECURE Act, and CARES Act

Moves the deadline for required amendments of these acts to the end of the 2025 plan year (2027 for governmental and collectively bargained plans).

  • Analysis: Provides sufficient time for these plan amendments and clarifies that private tax-exempt 457(b) plans do not need to be amended for the SECURE Act by 12.31.22.
  • Effective Date: End of the 2025 plan year (2027 for government/ collectively bargained plans)
  • Plan Type: All plans
Other Optional Provisions

Auto-portability

Creates an exemption from the prohibited transaction rules under the Code for auto-portability transactions where a past automatic cash-out is restored to the account of the affected individual’s current employer.

  • Analysis: The DOL must issue guidance related to this prohibited transaction exemption within 12 months of enactment.
  • Effective Date: No later than 12.29.23
  • Plan Type: All plans
  • Auto Portability

Expanded automatic enrollment/escalation

Raises permissible cap on auto-escalation for safe harbor plans to 15%. Raises the cap for non-safe harbor plans to 10% in any year ending before 2025 and 15% in 2025 and after.

  • Analysis: The increased caps are in line with industry best practices around savings rates.
  • Effective Date: Initial increase: 12.31.2023. Second increase for non-safe harbor plans to 15% in 2025
  • Plan Type: 401(k) and 403(b) plans

Small financial incentives for contributing to a plan

Allows employers to provide small financial incentives (e.g., low-dollar gift cards) to boost plan participation. Incentives cannot be paid from plan assets.

  • Analysis: Overall, a good additional tool to increase plan participation. Sponsors will want to keep dollar amounts low and make sure the incentives are not paid with plan assets.
  • Effective Date: Plan years beginning after 12.31.22
  • Plan Type: 401(k) and 403(b) plans

Top-heavy exclusion

Allows plans to test otherwise excludable employees separately for top-heavy testing purposes.

  • Analysis: This should result in fewer plans being top-heavy, which is a positive due to the top-heavy requirements (e.g., minimum contributions).
  • Effective Date: Plan years beginning after 12.31.23
  • Plan Type: Plans subject to top-heavy testing

Expansion of Employee Plans Compliance Resolution System (EPCRS)

Expands the Employee Plans Compliance Resolution System (EPCRS) to allow more plan errors to be self-corrected.

  • Analysis: Provides an easier way to correct small plan errors in a timely manner.
  • Effective Date: Immediately
  • Plan Type: 401(a)/ 401(k) and 403(b) plans

Spousal beneficiary

Allows spouse to treat deceased employee’s retirement plan benefit as his/her own for RMD purposes.

  • Analysis: Places retirement plans on a level playing field with IRAs.
  • Effective Date: Calendar years beginning after 12.31.23
  • Plan Type: All plans
403(b)/457(b) – Specific

CITs

Permits 403(b) plans to participate in collective investment trusts (CITs).

  • Analysis: Unfortunately, 403(b) investments, unlike 401(a)/(k) investments, are not exempt from securities law registration requirements. Thus, this provision is of limited usefulness.
  • Effective Date: Immediately
  • Plan Type: 403(b)

First day/month

Eliminates the requirement that participants request deferral changes prior to the beginning of the month in which the deferral would be made.

  • Analysis: This corrects a quirk in the law. However, private tax-exempt 457(b) plans remain subject to the odd provision.
  • Effective Date: Taxable years beginning after 12.31.22
  • Plan Type: Governmental 457(b)

MEPs/PEPs

Permits 403(b) plans to participate in multiemployer plans (MEPs) and pooled employer plans (PEPs).

  • Analysis: This provides 403(b) plans with added design flexibility that had only been available to 401(a)/(k) plans.
  • Effective Date: Plan years beginning after 12.31.22
  • Plan Type: 403(b)

First responders

Excludes service-connected, disability pension payments for first responders (from a 401(a), 403(a), governmental 457(b), or 403(b) plan) from gross income after reaching retirement age, up to an annualized excludable disability amount.

  • Analysis: This appears to be a reasonable benefit for police, firefighters, paramedics, EMTs, etc.
  • Effective Date: Plan years beginning after 12.31.26
  • Plan Type: 401(a), 403(b) governmental 457(b)
New Plans

Modification of start-up credit for small employers

Increases the three-year small business start-up credit from 50% of expenses with a cap of $5,000 to 100% for employers of 50 employees or fewer. Applies to new plans.

Additional credit for those plans that decide to provide an employer contribution of up to $1,000 per employee. The credit is calculated by multiplying the amount contributed to each employee by that year’s applicable percentage (100% in years one and two, 75% in year three, 50% in year four, and 25% in year five).

  • Analysis: This will improve employer retirement plan access as it reduces the costs of administration and matching expenses. The full credit is only available to employers with 50 employees and fewer; those between 51 and 100 employees still receive a credit, but the amount is reduced. The credit does not apply to employees with wages in excess of $100,000 (indexed).
  • Effective Date: Effective taxable years beginning after 12.31.22
  • Plan Type: New plans

New starter K plan

Permits employers that do not sponsor a plan to offer a starter 401(k) (or safe harbor 403(b)) plan. The starter plan requires an auto-enrollment deferral rate between 3% and 15%. The maximum deferral amount is the same as the IRA contribution limit ($6,000 with a $1,000 catch-up at age 50 or older for 2022).

  • Analysis: This provides an easy way for small employers to add a cost-effective savings plan. The downside is the contribution limit is lower than traditional employer-sponsored plans and currently is not indexed due to a drafting oversight.
  • Effective Date: Effective taxable years beginning after 12.31.23
  • Plan Type: New plans

Expanding automatic enrollment and escalation

Requires new 401(k) and 403(b) plans (and plan sponsors who newly adopt a multiemployer plan, or MEP) to include automatic enrollment (minimum default rate at 3% up to a maximum of 10%). The escalation cap is raised by 1% each year until it reaches a minimum of 10% but no more than 15%.

  • Analysis: This is positive, as auto-features can substantially improve overall retirement readiness. The required rates are in line with industry best practices. Exemptions include governmental plans, church plans, employers with 10 employees or fewer, SIMPLE 401(k) plans, and employers that have been in existence for less than three years.
  • Effective Date: Effective taxable years beginning after 12.31.24
  • Plan Type: New 401(k) and 403(b) plans

Additional Resources 

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