The SECURE 2.0 Act is lawmakers' response to increasing concern about Americans making ends meet during their retirement years. A key component of this law passed in December 2022 — and included in the Consolidated Appropriations Act, 2023 — includes changes that make it easier for retirement plan sponsors to correct errors or failures in order to protect participant benefits.
The SECURE 2.0 Act, which stands for Setting Up Every Community Retirement Enhancement, expands the Employee Plans Compliance Resolution System (EPCRS), the IRS's program which allows plan sponsors to correct errors to protect benefits and make sure plans are tax compliant. In Notice 2023-43, the IRS provides interim guidance, which became effective May 25, regarding these changes.
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