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April 2024 / RETIREMENT

SECURE 2.0 Act—cheat sheet

What happened

In December 2022, President Joe Biden signed into law the “Consolidated Appropriations Act, 2023,” which included a major package of retirement savings provisions known as the SECURE 2.0 Act (commonly known as SECURE 2.0).

Potential impact

SECURE 2.0 is a meaningful step toward the retirement security of all Americans to help improve individuals’ ability to save for retirement, expand access to retirement plans, and ease plan administration for employers.

Our commitment

T. Rowe Price supported many of the SECURE 2.0 provisions that advance retirement security.

We continue to help our clients implement the provisions that have gone into effect and are closely monitoring the impact of SECURE 2.0 as we work with institutions, employers, and financial professionals to help individuals achieve their best retirement outcomes.

We also recognize that more retirement legislation is needed, and we will continue to engage legislators and policymakers in the future. In addition, we are working with trade associations and regulators as they propose rules to implement the SECURE 2.0 provisions.

SECURE 2.0 includes provisions that:

  • Enable matching contributions for student loan payments
  • Enable plans to include emergency savings accounts
  • Encourage automatic enrollment and automatic contribution increases
  • Increase the catch-up contribution limit
  • Permit older workers to save more and stay invested longer
  • Allow simplified disclosures
  • Provide new and enhanced credits for small businesses sponsoring plans

Read the PDF for a summary of key provisions and their effective dates.

SECURE 2.0 Act—cheat sheet


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