Expanding retirement saving opportunities for American workers has been an ongoing priority for Congress over the past several years. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, made significant and important changes designed to increase saving opportunities. While certainly helpful, it was difficult for many Atlanta workers to take advantage because of the COVID-19 pandemic. To re-ignite retirement savings, a new bill known as the SECURE Act 2.0 (Act), was recently approved by the House Ways and Means Committee and sent to the full House for consideration. Much like the first version, there are several changes proposed including an expanded savers credit, increased RMD age, accelerated part-time employee participation rules, and more. Although it may still undergo modifications, there are several important provisions that will impact both Atlanta plan sponsors and participants. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
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The SECURE Act 2.0 outlines several provisions to expand and enhance available retirement saving opportunities. While it is possible there may be changes made during the Congressional approval process, it does provide insight into modifications currently under consideration. If you have questions about the information outlined above or need assistance with a plan audit issue, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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