Moving into the new year, business leaders began staring down a new set of regulations and guidelines designed to help Americans save for retirement. SECURE 2.0 was passed in December 2022 as part of a $1.7-trillion omnibus spending bill. The legislation amends, expands, or introduces a variety of provisions that will have significant effects on retirement administration, regulations, and planning in the coming years.

Building on the successes of 2019's Setting Up Every Community for Retirement Enhancement (SECURE) Act, the goal of SECURE 2.0 is to build initiatives that can help Americans plan for a more secure retirement and facilitate long-term financial well-being. Per the bill's provisions, the U.S. government will offer a variety of benefits that are designed to incentivize employees to utilize their 401(k)s and encourage employers to offer robust retirement options.

What's new in SECURE 2.0

SECURE 2.0 builds on the important work started with the original SECURE Act to modernize the retirement savings infrastructure, to better serve the needs of a diverse and multigenerational workforce. The legislation includes provisions to help all workers, regardless of their stage in their career, save for retirement without financial worries, and enables employers to offer more comprehensive and competitive benefits plans.