Retirement Services

Event Recap: 401(k)ology & How SECURE 2.0 Will Impact Your Retirement

In December 2022, President Biden signed the SECURE 2.0 Act in an effort to improve retirement savings, including 401(k)s and 403(bs). Part of the Consolidated Appropriations Act of 2023, the SECURE 2.0 Act expands coverage to millions of workers who didn’t previously have access to workplace retirement plans. Joni Jennings, CPC, CPFA, and Newfront Retirement Services Compliance Manager, recently hosted a deep-dive webinar about the new and upcoming changes from this legislation

In this webinar, Jennings covered how the SECURE 2.0 Act came about, what the mandatory versus optional plan provisions include, provisions for newly established plans, and plenty more. We listed some of the key topics Jennings touched on. Watch this virtual event on demand at the link below to get the information you need about upcoming changes and provisions. (Note: Congress may make technical corrections on the points made in this summary and in Jennings’ webinar.)

Key provisions for 2022 to 2023 include:

  • Designating employer contributions as Roth

  • Hardship self-certification

New provisions effective 2024 and 2025:

  • RMD changes for Roth 401(k) accounts

  • Update on student loan repayment matching 

  • Changes to penalty-free emergency withdrawals

  • Mandatory cash-out limit increases

  • New rules for long-term part-time employees 

  • Higher deferral catch-up limit for participants ages 60-63

  • Update on long-term, part-time (LTPT) employee deferrals 

  • And more…

Watch the webinar from Jennings in full here:

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