Last year's Consolidated Appropriations Act included the most comprehensive pension reform since 2006, though not all of the provisions are effective in 2023. Many changes affect 401(k) plans.
In prior generations, workers could expect to put in 20 or 30 years at the same job and retire on a pension. Those who fulfill minimum employment years fairly early could even work another job while.
As previously discussed, the SECURE 2.0 Act of 2022 ("SECURE 2.0") that was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act includes.
The President signed the SECURE 2.0 Act, which was a part of the Consolidated Appropriations Act of 2023, a must pass appropriations bill. SECURE 2.0 includes more than 90 provisions and effective dates range from immediate to 2033. The Act is 3 times longer than the original.