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The SECURE 2.0 Act was enacted at the end of 2022 with impending effective dates and many unanswered questions. The IRS has provided some relief to plan sponsors and financial professionals by delaying enforcement of one of the effective dates and extending another. And the IRS has provided explanations of some provisions that will allow employers to more easily comply the Act’s requirements and to decide whether to adopt some of its optional provisions. This article looks at the most impactful guidance in IRS Notices 2023-62 and 2024-2.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.