The SECURE 2.0 ACT of 2022

Key information for plan sponsors

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On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act of 2023, which includes the package of retirement provisions referred to as "SECURE 2.0". These provisions continue the themes and reforms that began with the 2019 SECURE Act, focusing on getting more participants into the retirement system, finding ways for them to accumulate more assets, and then ensuring they get connected with those assets when retirement comes.

We're committed to making sure you're informed and prepared for any changes as a result of this latest legislation. We'll continue to update this page with information and resources regarding specific impacts to your plans. Fidelity Advantage 401(k) employers click here for more information.

Secure Act 2.0 Guide
 
Fidelity's Implementation Update
 
Participant Resources Available
Summary of defined
contribution and defined
benefit plan provisions for
workplace retirement plans.
 
Depending on plan design,
action may be required.
 
Fidelity’s participant
communication strategy is
focused on providing a tailored
approach to provisions and
balancing education needs with
timely, actionable experiences.
LEARN MORE HERE
 
LEARN MORE HERE
 
LEARN MORE HERE
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SECURE 2.0 Guide – 2024 Update
Feb 2024: The SECURE 2.0 Guide has been updated to the 2024 version, which includes recently issued regulatory guidance, implementation status, operational readiness updates, and frequently asked questions.

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Article: New Distribution and Withdrawal Rules Under SECURE 2.0
May 2024:SECURE 2.0 article on the new distribution and withdrawal rules. This article outlines key changes and insights that impact distributions and withdrawals for plan sponsors.

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Article: SECURE 2.0 Implementation Update – Q2 2024
Feb 2024: An update for plan sponsors on Fidelity’s SECURE 2.0 solutions. Depending on plan design, plan sponsors may receive amendments and/or communications with related election forms and notifications that will need to be completed in a timely manner to support organizational changes.

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Article: IRS Notice 2024-02
Jan 2024: On December 20, 2023, the Internal Revenue Service (IRS) released IRS Notice 2024-02 (Miscellaneous Changes under Secure 2.0 Act of 2022), which provides guidance on twelve provisions of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The IRS and the Treasury Department have referred to this anticipated guidance as a “grab bag” (the “Notice”).

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Article: Exception to the Terminal Illness Penalty
Jan 2024: SECURE 2.0 provision article series—Exception to the penalty on early distributions from a qualified plan for individuals with a terminal illness.

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Article: Boosting your employees' short-term savings
Oct 2023: New SECURE 2.0 Act emergency withdrawal provisions are the right start, but employees need more help to cope with unexpected expenses along the road to retirement.

April 2024
Article: Qualified birth or adoption distributions (QBOAD)
Article: Allows withdrawals for qualified federally declared disasters
Article: Allows withdrawals for emergency expenses
Article: Permits self-certification of hardship and emergency distributions
Article: Eligible distributions for domestic abuse victims

January 2024
Article: Provides exception to terminal illness penalty

October 2023
Article: Boosting your employees’ short-term savings
Article: Expanded Self-Correction Program

September 2023
Article: Collective Investment Trusts (CITs) Provision

July 2023
Article: Defined Benefit Implications of SECURE 2.0

April 2023
Article: Reduces required minimum distribution penalty
Article: Increases required minimum distribution age
Article: Offers long-term part-time eligibility
Article: Requires certain high earners make catch-up contributions on Roth basis
Article: Allows withdrawals for qualified federally declared disasters
Article: Allows withdrawals for emergency expenses
Article: Treats spousal beneficiary as employee for required minimum distribution
Article: Eliminates required minimum distribution barriers for in-plan life annuities
Article: Extends pre-death required minimum distribution exemption beyond IRAs
Article: Removes requirement to send plan disclosures to unenrolled employees
Article: Provides exception to terminal illness penalty
Article: Permits self-certification of hardship and emergency distributions
Article: Aligns 401(k) plan and 403(b) plan hardship withdrawal rules

December 2023
Webinar Replay: Long-term, part-time employee provision for 401(k) plan sponsors

October 2023
Guide: Long-Term, Part-Time Guide for Plan Sponsors
Article: Long-Term, Part-Time Employee Rule – Impact of Employee Exclusions

August 2023
Article: Implementation of Long-Term, Part-Time Rule

March 2023
Article & Video: Plan Sponsor decisions for long-term, part-time employees
Article & Videos: Long-term, part-time workers may be eligible to participate in a 401(k)

January 2024
Article: IRS Notice 2024-02

November 2023
Article: Anticipated guidance for SECURE 2.0 Act

August 2023
Article: IRS Delays SECURE 2.0 Roth Catch-Up Enforcement
Article: Department of Labor seeks feedback on SECURE 2.0 provisions
Article: IRS Notice 2023-54

June 2023
Article: IRS Notice 2023-43

March 2023
Article: Fidelity meets with regulators on SECURE 2.0

June 2023
Video: SECURE 2.0 Act of 2022

January 2023
Webinar: Policy30 SECURE 2.0 Act of 2022

Policy30: Legislative and Regulatory Webinar Replays: Insights and guidance to navigate an evolving legislative and regulatory landscape. Browse virtual and in-person event and education offerings, designed for plan sponsors and advisors here

June 2023
Article: Plan Sponsor Communications to be Sent in Late Q2 2023

January 2023
Article: Meet SECURE 2.0

Some plan provisions, products and services described are not available to all employers. Roles and responsibilities may differ based on your plan design.

For plan sponsor and investment professional use only.

Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

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