What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 Act of 2022? In this webinar replay, McDermott's Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting health and welfare plans. Discussion topics include the following:
- Automatic plan enrollment and escalation
- Allowance of matching contributions for elective deferred student loan repayments
- Emergency savings option
- Expansion of Roth account contributions
- Automatic cashout, hardship and disaster changes
- Penalty-free distributions
- Changes to required minimum distributions
Read the On the Subject about SECURE 2.0 here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.