by Kevin Mahoney, QPA, QPFC, AIF®, ERPA, C(k)P
Happy New Year and welcome to 2023! While we were all enjoying time with family and friends, our federal government passed a massive piece of legislation at the 11th hour of the lame duck congress. On December 22nd and 23rd, Congress passed the “Consolidated Appropriations Act, 2023”. Why is this significant? Well, there was a package called SECURE 2.0 that was included in the massive bill that is a continuation of “The Secure Act” passed in 2019. SECURE 2.0 expanded on many favorable provisions for plan sponsors that have been in the works for several years.
There are 92 provisions in SECURE 2.0 and most are positives for plan sponsors and participants.
I have categorized the most impactful provision as the Good, Bad and the Ugly.