SECURE 2.0

The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.

The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.

Defined Benefit/Cash Balance Plan Key Priorities.

Please note: These provisions may be prioritized differently based on your individual business needs. 

Defined Contribution Plan Key Priorities. 

Please note: These provisions may be prioritized differently based on your individual business needs. 

IRA/SEP/SIMPLE Key Priorities. 

Please note: These provisions may be prioritized differently based on your individual business needs. 

This credit applies to qualified plans (defined contribution and defined benefit plans under IRC Sec. 401(a) and 403(a)), and SEP and SIMPLE plans.

Retirement legislation has been a welcome area of bipartisan cooperation in the U.S. Congress, marked by a history of Republican and Democratic bill co-sponsorship and support. A recent example is the Setting Every Community Up for Retirement Enhancement Act—the SECURE Act—passed and signed into law in 2019. The SECURE Act has been hailed as the most important retirement enhancement legislation in more than a decade.

Yesterday, President Biden signed the Consolidated Appropriations Act of 2023 into law, which included the SECURE 2.0 Act of 2022. As previously announced, both the Senate and the House approved the Consolidated Appropriations Act of 2023, last week.

All of us at Ascensus are delighted by the passage of SECURE 2.0 and the bipartisan support that led to this important legislation. Thanks to the collaboration of our elected officials, savers across the U.S. will have additional opportunities to create more certain financial futures and greater peace of mind. 

The House of Representatives has passed the Consolidated Appropriations Act of 2023, HR 2617, today with a 225-201-1 vote. Included in this bill is the SECURE 2.0 Act of 2022. Following the Senate’s approval on December 22, 2022, the bill will now be presented to the President for his signature.