“SECURE 2.0 will give millions of Americans a better chance for retirement success, and can help employers attract and retain talented employees,” said Janet Luxton, senior ERISA consultant at Vanguard. “Employees will be able to save more through increased catch-up contributions, receive matches on student loan repayments, and maximize retirement savings with increased Roth opportunities.”
Most of the new law’s provisions are not effective until January 1, 2024, or later. However, some optional provisions are effective immediately.
Here are several highlights of the new law and explanations of what they mean for plan sponsors and participants.