U.S. Congress Passes Sweeping Changes for Employee Benefit Plans in SECURE 2.0 Act | Insights
Written by Black Hot Fire Network on December 27, 2022
Effective in 2023:
- reduces notices to unenrolled participants to only an annual reminder of plan eligibility, and any notice requested by the employee, for all defined contribution plans;
- permits plan administrators to rely on employee self-certifications regarding hardship distributions;
- allows employers to provide a “de minimis financial incentive”, such as a gift card, for contributing to a 401(k) or 403(b) plan;
- for employers with 50 or fewer employees, increases credits for plan startup costs from 50% to 100%, and adds an additional credit . . .
