On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President’s desk upon passage in the house by a vote of 225 to 201 on December 23. This followed passage in the Senate on Decmeber 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The Act does not include any major tax provisions or tax extenders. However, it does include the long-awaited SECURE 2.0 Act of 2022.
The SECURE 2.0 Act of 2022 builds upon the provisions of the original SECURE Act from 2019 and further ensures that more Americans can save for retirement and increase the amount they are able to save. The Act does this by expanding upon automatic enrollment programs, helping to ensure that small employers can easily and efficiently sponsor plans for employees, and enhancing various credits to make saving for retirement beneficial to both plan participants and sponsors. The Act also improves various investment options for plan participants, streamlines plan administration for plan fiduciaries, and makes important changes to required minimum distributions that will help retirees with plan selections and decisions that will enhance their ability to make better use of their retirement savings.
The following sections are included in the Tax Briefing (DOWNLOAD):
- Increasing Plan Participation and Savings
- Small Employers
- Distributions and Withdrawals
- Additional Retirement Provisions
- Other Tax Provisions
