The 401(k) plan, reimagined: Key SECURE 2.0 changes that take effect in 2024

SECURE Act 2.0 was groundbreaking legislation that created systemic shifts in the retirement savings industry. This is great news for benefits professionals because the recent legislation presents a range of opportunities for employers and their employees, including tax credits, new distribution rules, catch-up contributions, and new plan features.

In the post-SECURE 2.0 era, smaller businesses, those with disabilities, part-time workers, non-profit employees, late savers, and many more will have access to retirement savings and additional benefits. The introduction of additional tools and savings vehicles highlight efforts to build a more equitable retirement system that supports expanded access to savings options for Americans.

Here are some key aspects of SECURE Act 2.0 – and what the provisions mean for benefits professionals.