Biden signed into law the Omnibus Appropriation Act, 2023, including the SECURE 2.0 Act of 2022. The Setting Every Community Up for Retirement Act of 2019 included a number of changes designed to encourage retirement savings and expand employee participation in retirement plans.
On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The new act is being called SECURE 2.0 based on the name of its thematic predecessor, the Setting.
The 2022 holiday season brought a long-awaited gift from Congress; the retirement plan bill known as “SECURE 2.0” (successor to 2019’s Setting Every Community Up for Retirement.