In late December, Congress passed an omnibus budget bill, and the President signed it into law on December 29, 2022. SECURE 2.0 was buried within this bill and contained many retirement account changes. SECURE 2.0 provides new incentives for employers to offer employees retirement plans to participate in and improve their retirement security. The Act also helps employees, their beneficiaries, owner-employees, small businesses, and retirees while easing costs, administrative burdens, and penalties for unintentional mistakes. It will require amending retirement plans to comply with its provisions.
Click the link below to read the summary of this bill and how it may impact your tax situation
